Mining firm Rio Tinto is cutting 14,000 jobs in a bid to reduce the company's $38.9 billion (£26.2 billion) debt.
Rio Tinto said the cuts are in response to "the unprecedented rapidity and severity of the global economic downturn", which has caused metals prices to fall sharply.
The firm has also been fighting off a hostile takeover from BHP Billiton, a rival mining company that finally dropped its bid last month.
The Anglo-Australian group plans to shrink its debt by $10 billion (£6.74 billion) by the end of 2009 through freezing dividends at their 2008 level, selling off assets, and cutting back on investment, as well as reducing staff levels.
Tom Albanese, chief executive of Rio Tinto, said: "Given the difficult and uncertain economic conditions, and the unprecedented rate of deterioration of our markets, our imperative is to maximise cash generation and pay down debt."
The 14,000 planned job cuts comprise of 8,500 contractor jobs and 5,500 employee roles, saving the company $1.2 billion (£0.8 billion) annually at a cost of $400 million (£269.6 million).
Rio Tinto also plans to consolidate its two London offices into one, although this will not necessarily lead to job cuts in the UK, the firm said.
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