Diversified major Rio Tinto on Friday announced that it will cut its capital expenditure by some $2-billion in the wake of the Covid-19 pandemic, while also lowering its copper production guidance for the full year.
The miner told shareholders that capital expenditure for the full year would be between $5-billion and $6-billion, down from the previous guidance of $7-billion, partly due to Covid-19 constraints, and partly due to the favourable currency impact from the strong US dollar.