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.

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