Rio Tinto says has already exceeded 2013 cost saving target

Wed Dec 11, 2013 5:18am EST
 
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LONDON (Reuters) - Global mining company Rio Tinto (RIO.L: Quote) told investors on Wednesday that it had already last month exceeded its 2013 target of cutting $2 billion of operating costs.

Rio has slashed spending plans, including the amount allocated to exploration for new mines, and is in the midst of selling a clutch of coal, copper and other non-core assets, hoping to reduce its debt burden.

It said earlier this month that it would halve capital spending to $8 billion by 2015 from last year's level.

(Reporting by Clara Ferreira-Marques; Editing by Tom Bergin)

 
Smoke billows from chimneys at the Rio Tinto alumina refinery in Gove, also known as Nhulunbuy, located 650 kilometers (404 miles) east of Darwin in Australia's Northern Territory July 16, 2013. REUTERS/David Gray