Rio Tinto (NYSE: RTP), gold mining giant, announced the slashing of 14,000 jobs and the reduction of $2.5 billion in operating expenses. The layoffs are reported to save the company $1.2 billion dollars a year. This report comes on the heels of the failed buyout attempt by BHP Billiton.

Rio Tinto Layoffs

MarketWatch.com reports the CEO, Tom Albanese quoted as saying,

“Given the difficult and uncertain economic conditions, and the unprecedented rate of deterioration of our markets, our imperative is to maximize cash generation and pay down debt.”

Rio Tinto has mining operations all over the world including their most profitable mining operation mining not gold, but copper at the Kennecott mine in Utah. The video is a clip from local news in Utah discussing the layoffs and what it means for workers.

Enjoy the video..

Happy Investing!

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Filed under: Gold Stocks

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