Now Reading:

Rio Tinto cuts spending forecast for 2016


Rio Tinto cuts spending forecast for 2016


Rio Tinto, the world’s second-largest mining company, has cut its capital spending forecast for next year to $5 billion. Its previous estimate was less than $6 billion.

Citing the group’s balance sheet discipline, Rio’s chief executive said investment decisions were framed by the need to deliver value to shareholders.

Last month Rio approved investment in a bauxite project in Australia worth $1.9 billion.

The biggest mining companies are cutting spending and costs in an attempt to protect profits as commodities prices slide. This month they hit their lowest since 1999.

Every story can be told in many ways: see the perspectives from Euronews journalists in our other language teams.

Next Article