RIO TINTO is slashing 14,000 jobs amid falling demand for iron ore and other metals.
The world’s third-largest mining group is firing 12.5% of its 112,000-strong work force who work in 40 different countries, including Australia, North America, South America and southern Africa.
According to the company, job cuts and reductions in operating expenditure are expected to create an annual saving of at least AUD$2.38bn by 2010.
The company has also announced it will sell “significant assets” in a bid to slash $10bn of its debts by the end of 2009.
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