RIO tells suppliers to brace for hard times

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From The West Australian:

Rio Tinto’s top iron ore brass has met with its 50 biggest suppliers and told them the miner would leave “no stone unturned” in efforts to further cut costs in the Pilbara but warned that safety must not be compromised.

The suppliers were told they too had to “cut their cloth” to survive as Rio forced through a new cost regime, now that its massive investment spree in the Pilbara was coming to an end.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.