Rio Tinto eyes spending cuts of 20% through '15

Dec 03, 2013 | 12:47 PM |

Tags  Rio Tinto, Sam Walsh, Andrew Harding, capital expenditures, iron ore

SHANGHAI — Rio Tinto Plc is eyeing a 20-percent annual reduction in capital expenditures over the next two years while it expands its "long-life, low-cost" iron ore operation to 330 million tonnes per year in 2015.

The London-based global miner’s total capital expenditure for 2013 is forecast to be less than $14 billion, down more than 20 percent from 2012. This will be cut further to $11 billion in 2014 and $8 billion in 2015, the company said at its Dec. 3 investor seminar in Sydney.....

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