Rio Tinto moves to cut more jobs and sell assets

MINING giant Rio Tinto is moving ahead with plans to reduce staff and sell assets amid efforts to reduce operating costs by $US5 billion over the next two years.

Chief executive Sam Walsh addressed an annual general meeting in Sydney today, and says two-thirds of the reductions are focused on Rio's aluminium and energy businesses.

Mr Walsh recently took over from Tom Albanese, who stepped down in January after the company announced its first loss under its current corporate structure.

Speaking after the AGM, Mr Walsh said job cuts would be applied across the entire business in an attempt to cut costs.

"Even in our head office in London, we're looking there to significantly reduce our cost base and significantly reduce numbers," he said.

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