According to an article by Bloomberg, a recent report from UBS AG has revealed the miner may make $72 million in annual savings.
The report reportedly said Rio may save as much as US30c per tonne from its production of 230 million tonnes per annum.
Savings would be made from the reduction in accommodation for workers and also costs associated with fly-in, fly-out.
According to Bloomberg the report also highlighted the possibility of Rio cutting its workforce by 600.
The news comes after Rio Tinto Iron Ore chief executive Sam Walsh said the miner was seeking to have 50% of its fleet of trucks being driverless by 2015.
ILN's sister publication MiningNews.net was unable to obtain comment from Rio Tinto Iron prior to publication.
Last year, Rio revealed that it had boosted its driverless truck fleet from 10 to 150 on its Pilbara mines in response to the current skill shortage.
At the time, Rio said the purchase made it the largest fleet of driverless trucks in the world.
The trucks will be controlled remotely from its operations centre in Perth.
This story first appeared on ILN's sister publication MiningNews.net.