Rio Tinto Limited
(ASX:RIO) has cut capital expenditure for the second time in four months.
The miner said it expects total capex in both 2015 and 2016 will be around $5 billion, compared to previous forecasts of less than $6 billion next year.
Chief executive Sam Walsh said the company’s prudent capital allocation and disciplined approach to the balance sheet has reinforced Rio’s resilience during this period of ongoing volatility.
Rio Tinto also unveiled plans to slash costs in its aluminium division by an additional $300 million for 2016.
Rio Tinto recorded a net profit of $1.04 billion at 30 June 2015.
