By Mark Kleinman, City Editor
The mining giant Rio Tinto is taking the axe to at least 1500 jobs, including a substantial proportion of the roles at its London headquarters, as it braces for a sustained dip in global commodity prices.
Sky News has learnt that the FTSE-100 group, which has a market value in London of more than £54bn, informed staff on Wednesday that it was beginning a consultation about cuts involving a significant number of its UK jobs.
The development is the latest in a phased series of cuts signalled by Rio Tinto since Sam Walsh, its chief executive, announced a reorganisation last month focused on "streamlining its product groups and corporate functions as part of the continued focus on efficiency and costs".
The precise number of job cuts at Rio's London offices, where several hundred staff work, could not be established on Thursday, although insiders said that the overall scale of redundancies across the company would be larger than the 1000 speculated in recent reports.
The bulk of the planned cuts will come at Rio Tinto's operations in Western Australia.
"I realise that for some of you the changes I have outlined will be challenging and in some circumstances they will result in good people leaving our business," Mr Walsh said in an internal memo distributed in February.
A separate communication to staff in the UK is understood to be planned for this week, although a Rio Tinto spokeswoman declined to comment.
Like other raw materials groups, Rio Tinto is preparing for a sustained fall in the price of commodities such as iron ore, of which it is one of the largest miners in the world.
The job cuts are expected to result in hundreds of millions of pounds in annual savings, following billions of pounds of cost reductions since Mr Walsh took the helm in 2012.
Separately on Thursday, Shell, the oil group, said it would reduce the number of staff and agency contractors at its UK North Sea operations by at least 250 during 2015.
The measures are part of a range of initiatives Shell has been pursuing to manage costs and improve the competitive performance of its operations around the world. Staff and agency contractors based in Aberdeen and on installations in the North Sea were informed of the plans during a meeting today.
"The North Sea has been a challenging operating environment for some time. Reforms to the fiscal regime announced in the budget are a step in the right direction, but the industry must redouble its efforts to tackle costs and improve profitability if the North Sea is to continue to attract investment," Paul Goodfellow, Shell's upstream vice-president for the UK and Ireland, said.
"Current market conditions make it even more important that we ensure our business is competitive.
"Changes are vital if it is to be sustainable."
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