8th Dec 2015 06:28
LONDON (Alliance News) - Rio Tinto PLC on Tuesday said, by the end of 2015, its aluminium product group will have delivered around USD300 million of cash cost improvements, a reduction of USD45 million in sustaining capex and cut working capital by around USD400 million from 2014.
The Anglo-Australian miner said the momentum in operating cost reductions continues through a broad range of initiatives that should remove around USD300 million in additional cash costs from the product group in 2016, excluding any impact from currency or oil.
Rio Tinto also confirmed that it expects total capital expenditure in 2016 will be around USD5 billion, compared to previous forecasts of less than USD6 billion. This will be in line with the anticipated capital expenditure for the group for 2015 of about USD5 billion, compared to prior forecast of about USD5.5 billion.
Copyright RTT News/dpa-AFX
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