MELBOURNE/SYDNEY Nov 29 Global miner Rio Tinto
said its coal and aluminium operations would bear the
brunt of $5 billion in targeted cost cuts over the next two
Rio, in an investor update, said it was aiming to cut more
than $5 billion of operating and support costs by the end of
2014, and would cut spending on exploration and evaluation
projects by $1 billion over the rest of 2012 and 2013.
The company is focusing on its lucrative iron ore operations
in Western Australia, where it now expects to ramp up production
to 360 million tonnes per year by 2015, up from a previously
estimated 353 million tonnes/year.