- Rio Tinto (RIO -0.5%) tells investors it has already exceeded its 2013 target of cutting $2B of operating costs, and says it will prioritize paying down debt next year.
- CEO Sam Walsh says Rio's transformation to generate more value for shareholders is well underway but notes that the company remains conservative about its targets in hopes of over-delivering rather than under-delivering on its promises.
- Rio has slashed spending plans, including the amount allocated to exploration for new mines, and is in the midst of selling non-core assets to reduce its debt burden; it has said it would cut capital spending 50% to $8B by 2015 from last year's level.
Rio Tinto says it has already exceeded its 2013 cost savings target
Dec 11 2013, 09:51 ET