China Financial Daily

Rio Tinto profit yields “double reduction” and will lay off 14,000 people
On January 19, Rio Tinto report in fourth quarter of 2008 showed that the global Rio Tinto iron ore output dropped by 18 percent year-on-year, copper and aluminum production has declined in varying degrees, which resulted in a profit decline in its second half of last year. The Group also announced that the company would lay off 14,000 people.

The decline of Rio Tinto copper grade causes the overall production of copper in the fourth quarter to fall 18 percent and the unit cost rise. As a result of sharp fall in copper prices, in the second half of 2008 Rio Tinto profit fell about 360 million U.S. dollars.

Rio Tinto announced that the company would cut down 10 billion U.S. dollars of net debt and lay off 14,000 employees in the whole group.

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