Rio Tinto is set to slash thousands of jobs in Australia and overseas, reports UK newspaper The Mail On Sunday.
The move is in response to the market tightening as a result of the global economic crisis.
According to The Mail, Rio plans to delay billions of dollars worth of projects, including a new phase at its iron ore mine in the Pilbara, its Simandou iron ore project in West Africa and aluminium and iron ore projects in Canada.
Halting all of these developments will result in the loss of thousands of jobs.
Rio Tinto did not respond to requests from MINING DAILY to comment on the potential job losses.