Global mining giant Rio Tinto has said it will slash 14,000 jobs as it seeks to battle a collapse in commodity markets worldwide.
The company said it will reduce its workforce by also 13 per cent by cutting 8,500 contractor and 5,500 employee jobs.
It added it would slash capital spending and boost asset sales in a bid to reduce its debt of nearly €40 billion.
Rio's chief executive Tom Albanese said the company's focus in the current climate was on maximising cash generation and paying down debt.
He added: "We will minimise our operating and capital costs to appropriately low levels until we see credible and meaningful signs of a recovery in our markets, but will retain our strategic growth options."
Rio said it planned to hold its 2008 dividend at last year's level, while it will also consider the sale of assets not previously targeted for divestment.
Shares in Rio were 10 per cent higher following the announcement.
Agencies