Rio Tinto Slashes 14,000 Jobs

The world's third-largest mining firm, Rio Tinto, is cutting 14,000 jobs as part of plans to reduce its debt by $10bn (£6.8bn) by the end of next year.

The cuts represent around 15% of the company's workforce worldwide.

The company said it was responding to "the unprecedented rapidity and severity of the global economic downturn".

Shares in the miner were up more than 11% to 1399 at 10.00am GMT.