Kennecott cuts costs, awaits Chinalco cash

Kennecott Utah Copper Corp., a subsidiary of cash-strapped Rio Tinto, has been forced to pinch pennies this year to stay afloat as it waits for Rio's pending cash injection from Aluminum Corp. of China (Chinalco).

Kennecott has jumped on any opportunity to pare down costs, from slicing more than 10 percent of its work force on Rio's orders to slowing its Bingham Canyon molybdenum expansion study.

"It was well understood at Rio Tinto, and certainly at the more senior levels, that we needed to act decisively and transparently to reassure the equity markets that although we had more debt than we liked.

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