Rio Tinto to cut 300 jobs at Oyu Tolgoi copper mine

|About: Rio Tinto plc (RIO)|By:, SA News Editor

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.