International mining company Rio Tinto has announced it is going to lay off 14,000 people, cut its capital spending by half and sell more assets. Rio has been under pressure to cut its borrowing. It has more than 30 billion euros worth of debts from the purchase of Alcan last year.Rio Tinto’s share price collapsed last month after larger rival BHP Billiton scrapped a 50 billion euro takeover bid. It gained over 20 percent after the announcement. Rio Tinto also said it plans to reduce production at its French aluminium factories by 10 percent.
Rio Tinto cutting costs