London-based mining giant Rio Tinto PLC (NYSE: RIO) said Tuesday that it plans slash its capital expenditure budget from around $14 billion this year to $11 billion in 2014 and $8 billion in 2015. It is part of an effort to reduce the massive debt the company accumulated as it expanded its vast network of mines and infrastructure in dozens of countries.

“It is a lot of money and we need to get capital down to more normal levels,” Chief Executive Sam Walsh told reporters at an investor briefing in Sydney. The company’s 2012 spending of more than $17 billion is likely to be the peak.

The company said operating costs were $1.8 billion lower during the 10 months to October than during the comparable period of last year. And it claimed that exploration costs had been cut by $800 million during 2013, which exceeded Rio Tinto’s original target by $50 million.

Other major resources companies also are moving to strengthen their balance sheets and protect profits from muted prices of many commodities. Brazilian iron-ore giant Vale S.A. (NYSE: VALE) recently revealed a more slender investment budget for 2014 as well.

Earlier this year, Rio Tinto said it had approximately $22 billion of debt. Standard & Poor’s Ratings Services warned that the company risked losing its single-A credit rating if it failed to get its debt under control. Walsh said the company aims to reduce net debt to the “midteens” over the next couple of years. He added that new acquisitions could be on the table once its debt reaches at a more comfortable level.

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