Rio Tinto boss Sam Walsh says more jobs will be shed in Australia as they continue to make savings. Source: AAP
RIO Tinto boss Sam Walsh says more jobs will be shed in Australia as the global miner continues to make US$5 billion in savings by the end of 2014.
Three months after the company announced its first ever full year net loss of almost US$3 billion, Mr Walsh confirmed more local job cuts were on the cards.
"There will be reductions," Mr Walsh told the Financial Review Sunday program.
"This is not easy. This is a process that is very very tough, but we need to get on top of our costs."
He said the energy and aluminium businesses were both going through very tough times and the company needed to have competitive businesses.
Mr Walsh was unable to specify how many jobs would be cut, following recent staff reductions at Rio's Sydney, Melbourne and London offices.
"We don't have targets for reductions in people," he said.
"We do have targets for reduction in costs and we're working thorough that and addressing that business by business."
It comes ahead of the company's annual general meeting in Sydney on Thursday.
Mr Walsh, who recently said Rio was focused on raising funds by selling assets, said he had met with the company's 50 biggest shareholders.
"They've all got a piece of advice for us and of course one wants to listen to shareholders but this is about value, this is about ensuring that I do deliver value to shareholders.
"It' not about a fire sale."
He also predicts the global economy is in for more volatile times.
"The world is an uncertain place," he said.
"First quarter we saw a dip in China. We've seen increased commitment to infrastructure and an easing of credit and we expect that will flow through to steel production and iron ore demand," he said.
But Rio was "doing okay".
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