Rio Tinto to axe 14,000 jobs

Mining giant Rio Tinto said today it planned to axe 14,000 jobs as part of its response to weakening global demand.

The group, which has major iron ore operations in Australia and employs more than 1,000 people in the UK, expects to reduce annual operating costs by at least $2.5bn (€1.9bn) in 2010. It is looking to slash $10bn (€7.7bn) from its debts of $38.9 bn (€30bn) by the end of next year.