Anglo-Australian mining company Rio Tinto is expected to cut about 500 jobs in Australia amid falling iron ore prices, the country's media reported. The job cuts will begin with an office in Perth in Western Australia, although no one has confirmed the exact figure.
“The market outlook remains challenging and we are currently pursuing a variety of business initiatives to reduce costs, increase productivity and ensure we remain competitive internationally,” Rio Tinto said in a statement.
The mining company attributed the measure to the fall in iron ore prices, which fell to $ 72 per ton over the weekend and before that by $ 8 on Friday. The company cut 170 jobs in March at its Pilbar operations in Western Australia, as it estimates the average price of iron ore will range from $ 40- $ 50 next year.
Rio Tinto will continue to cut jobs in Australia
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