Rio Tinto will reduce capital expenses by 11 billion AUD in 2014 in the hope of the success of China

Rio Tinto announced that the company is aimed at reducing capital expenses for one fifth over the next year in order to repay its debt and increase the profit of shareholders.

Rio Tinto also predicts a surge in demand for steel in China, which is its largest client for iron ore, evaluating the increase in demand by 7.5 percent this year. The company on the way to achieving its goal to reduce exploration costs by 2 billion AUD in 2013.

The second iron ore miner in the world plans to reduce capital expenses by 11 billion AUD in 2014 and almost 14 billion AUD this year and outlined a decrease in capital expenses by 8 billion AUD in 2015. At the same time, the increase in demand for steel in China increased by more than three times this year and has the potential of further steady growth in the future.

Sam Walsh General Director Rio Tinto said that "in China, the government decisions adopted at the third plenary session last month reflect an ambitious and pragmatic approach to continuing the reforms and confirms our expectations and reduces the likelihood of a sudden decline. economies, since the market is continuing to maintain fragility and variability.