10, 2008 - 3:18PM
Global miner Rio Tinto saddled with almost $US40 billion ($60.7 billion) in net debt, has announced plans to cut capital spending, slash 14,000 jobs worldwide and boost asset sales but said it would hold its dividend steady.
"Rio Tinto has announced a detailed package of measures in response to the unprecedented rapidity and severity of the global economic downturn, which has caused sharp falls in commodity prices and a significantly weaker outlook,'' the company said.
Rio has been under pressure since its share price collapsed after larger rival BHP Billiton scrapped a $US66 billion takeover bid for the company last month.
Reuters
rio slashes 14,000 jobs
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