Seeking Alpha

Rio Tinto to cut 300 jobs at Oyu Tolgoi copper mine

  • Rio Tinto (RIO -2.5%) plans to cut up to 300 jobs at its Oyu Tolgoi copper and gold mine in Mongolia, Reuters report.
  • The cuts amount to just under 5% of the ~7,500 workers at the mine, which started producing last year, and include full-time employees and contractors.
  • The latest layoffs follow the loss of ~1,700 jobs last year, when Rio stopped work on a $5B-plus expansion of the mine due to a long-running dispute with the Mongolian government.
  • Oyu Tolgoi is 66% owned by Rio's Turquoise Hill Resources (TRQ +0.2%) unit and 34% by the Mongolian government.
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector