10 Oct 2012

Rio Tinto cautious over future prospects

2:46 pm on 10 October 2012

Rio Tinto is more cautious about its future prospects over the coming months, prompting it to cut costs further and put new projects under even greater scrutiny.

The global mining company cut its economic growth forecast for China, though Rio chief executive Tom Albanese said that country's stimulus plans should bolster iron ore sales.

Mr Albanese said slowing global growth means it will continue to focus on reducing costs and trimming its capital spending plans.

He said he did not expect any major new projects to be approved in the near term, Reuters reports.