Rio Tinto acts on profits slump
RIO Tinto will step up its efficiency drive after profits fell due to weaker metals prices and falling Chinese demand.
Sam Walsh Chief executive of Rio Tinto
The mining giant upped its annual cost saving target from £483million to £645million as it posted a 43 per cent drop in interim underlying earnings to £1.86billion.
It also raised its half-year dividend payout by 12 per cent.
Chief executive Sam Walsh said: “The macro environment and commodity outlook facing the mining industry has been challenging, with some commodity prices falling to levels not seen since 2009.
“The early and decisive actions we started taking in 2013 provide a strong base for the business.”