Sydney - Giant miner Rio Tinto Ltd said Wednesday it would cut 14,000 jobs and sell some assets to reduce its debt and bring production capacity into line with flagging demand for commodities.

"By taking these tough decisions now, we will be well positioned when the recovery comes," Rio chief executive Tom Albanese said in a statement.

Rio, which is listed on stock exchanges in Sydney and London, said next year it would cut its debt burden of 38 billion Australian dollars (24 billion US dollars) by 10 billion Australian dollars.

"Given the difficult and uncertain economic conditions, and the unprecedented rate of deterioration of our markets, our imperative is to maximize cash generation and pay down debt," Albanese said.

"We will minimize our operating and capital costs to appropriately low levels until we see credible and meaningful signs of a recovery in our markets, but will retain our strategic growth options."

Rio currently has 97,000 employees. The announcement of the cost-cutting programme saw Rio shares rise 12 per cent. (dpa)