Rio Tinto chief resigns after shock $14 bn charge | Bangkok Post: news

News > World

Rio Tinto chief resigns after shock $14 bn charge

- +

The head of Rio Tinto, Tom Albanese, resigned on Thursday after the global mining giant announced a $14-billion (10.5-billion-euro) write-down on its Mozambique coal assets and ailing aluminium business. 

Anglo-Australian mining giant Rio Tinto on Thursday announced a $14 billion write-down on its Mozambique coal assets and ailing aluminium business, prompting its chief executive, Tom Albanese (pictured on October 26, 2011), to resign.

Rio warned it expected non-cash impairments of $10-11 billion mostly related to the 2007 purchase of aluminium firm Alcan, and $3 billion relating to its Mozambique coal project acquired in 2011, in annual results due on February 14.

This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.

0 people commented about the above

Readers are urged not to submit comments that may cause legal dispute including slanderous, vulgar or violent language, incorrectly spelt names, discuss moderation action, quotes with no source or anything deemed critical of the monarchy. More information in our terms of use.

Please use our forum for more candid, lengthy, conversational and open discussion between one another.

  • Latest
  • Oldest
  • Most replied to
  • Most liked
  • Most disliked

    Click here to view more comments