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| Version 1 | Version 2 |
|---|---|
| Rio Tinto falls into the red on coal and aluminium acquisitions | Rio Tinto falls into the red on coal and aluminium acquisitions |
| (35 minutes later) | |
| Anglo-Australian mining group Rio Tinto posted a $3bn (£1.93bn) loss for 2012 after taking a $14bn writedown from its aluminum business and the acquisition of a coal company in Mozambique. | Anglo-Australian mining group Rio Tinto posted a $3bn (£1.93bn) loss for 2012 after taking a $14bn writedown from its aluminum business and the acquisition of a coal company in Mozambique. |
| The loss – compared with a profit of $5.8bn in 2011 – came after two senior executives, Tom Albanese and Doug Ritchie, stepped down last month after acknowledging that developing infrastructure in Mozambique was more challenging than expected. | |
| It also needed to cut its estimates of recoverable coal volumes. | It also needed to cut its estimates of recoverable coal volumes. |
| Underlying earnings dropped 40% to $9.3bn because of falling commodities prices. Revenue from operations declined 40% to $16.5bn. | Underlying earnings dropped 40% to $9.3bn because of falling commodities prices. Revenue from operations declined 40% to $16.5bn. |
| Sam Walsh, the new chief executive, announced plans to cut costs by $5bn at the world's third-largest diversified mining company. | Sam Walsh, the new chief executive, announced plans to cut costs by $5bn at the world's third-largest diversified mining company. |
| Rio Tinto sacked chief executive Tom Albanese in January as it revealed a $14bn (£8.7bn) writedown in connection with his two most significant acquisitions, Mozambican coal mining and the Alcan aluminium group. | Rio Tinto sacked chief executive Tom Albanese in January as it revealed a $14bn (£8.7bn) writedown in connection with his two most significant acquisitions, Mozambican coal mining and the Alcan aluminium group. |
| Tom Albanese was the latest chief executive of a major mining company, many of whom took the reins in 2007, to step down or announce his departure. BHP Billiton has said it is seeking a replacement for chief executive Marius Kloppers, and Anglo American has replaced chief executive Cynthia Carroll. | Tom Albanese was the latest chief executive of a major mining company, many of whom took the reins in 2007, to step down or announce his departure. BHP Billiton has said it is seeking a replacement for chief executive Marius Kloppers, and Anglo American has replaced chief executive Cynthia Carroll. |