Rio Tinto posts first-ever full-year loss

Feb 14, 2013 | 12:23 PM | Shivani Singh

Tags  Rio Tinto, copper, iron ore, aluminum, alumina, bauxite, earnings report, Sam Walsh Pilbara

SINGAPORE — Global miner Rio Tinto Plc posted its first-ever full-year loss in 2012 after taking a $14.4-billion impairment charge related to its aluminum business and its coal assets in Mozambique.

"We are deeply disappointed by the $14.36-billion write-downs that we have taken in 2012, primarily in our aluminum and energy businesses, which led to the group recording a net loss of $2.99 billion," chairman Jan du Plessis said in a statement Feb. 14. In contrast, the miner posted net income of $5.83 billion in 2011.

Rio Tinto’s consolidated sales revenue fell to $50.97 billion in 2012, down 15.8 percent from $60.54 billion in 2011, and its net debt more than doubled to $19.3 billion. ....

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