Anglo-Australian mining titan Rio Tinto posted its first annual loss in 18 years Thursday, plunging US$2.99 billion into the red on hefty writedowns on its Mozambique coal and aluminium businesses.
Image released on September 4, 2009 by Rio Tinto shows a reclaimer loading a conveyor with high grade iron ore in Western Australia's Pilbara region. Anglo-Australian mining giant Rio Tinto on August 4, 2011 reported record underlying first-half earnings of USD $7.8 billion, a 35 percent increase on-year due to strong Asian demand for its commodities. AFP PHOTO / HO / RIO TINTO
The US$14.4 billion in impairments, announced last month, prompted the resignation of chief executive Tom Albanese and saw Rio slump on underlying earnings of US$9.3 billion.