The company is taking steps to reduce its debt.
SYDNEY, AUSTRALIA (AP) -- Rio Tinto Group says it will cut 14,000 jobs worldwide, reduce capital investment, and take steps to reduce its debt as the mining company copes with waning demand for iron ore and other metals.
The world's second largest aluminum producer said in a statement that it will try to sell "significant assets" that were not previously listed for sale to trim 10 billion Australian dollars ($6.6 billion US dollars) from its debt by the end of next year.
Chief Executive Tom Albanese said that "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."
He said that these decisions will make the company "well positioned when the recovery comes."
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