Falling iron ore prices are forcing Rio Tinto (RIO +1%) to accelerate and deepen a cost-cutting...


Falling iron ore prices are forcing Rio Tinto (RIO +1%) to accelerate and deepen a cost-cutting program across its back office, Reuters reports. RIO is said to be cutting jobs in London and Melbourne, and is moving departments to lower-cost offices. Miners across the board have been cutting back as they grapple with low metals prices, weak demand and currency headwinds.

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