Australia's Tinto Post $3 Billion Loss For 2012
LONDON (AP) â¿¿ Anglo-Australian mining group Rio Tinto PLC posted a $3 billion loss for 2012 after taking a $14 billion writedown from its aluminum business and the acquisition of a coal company in Mozambique.
The loss â¿¿ compared to a profit of $5.8 million in 2011 â¿¿ came after two senior executives 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.
Underlying earnings dropped 40 percent to $9.3 billion because of falling commodities prices. Revenue from operations declined 40 percent to $16.5 billion.
Sam Walsh, the new chief executive, announced plans to cut costs by $5 billion at the world's third-largest diversified mining company.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV