COMPANIES Anglo American and Rio Tinto, the mining companies, will this week announce that they are slashing their capital expenditure budgets for next year and delaying building new mines until demand for commodities recovers.
Anglo is expected to cut its spending for 2009 from a previous forecast of about $10bn (£6.8bn) to between $4bn and $5bn, according to a person close to the company, in response to a collapse in commodity prices and a need to conserve cash.
