Rio Tinto hit by US$3bn full-year net loss

Rio Tinto hit by US$3bn full-year net loss The new boss of Rio Tinto has promised an “unrelenting” pursuit of greater value for shareholders after the Anglo Australian mining group slumped to a US$3bn annual loss

Rio reported a net loss of US$3bn in the year to December after taking impairments of US$14.4bn on its aluminium businesses as well as coal assets in Mozambique. Underlying earnings fell 40 per cent to US$9.3bn on the back of weaker commodity prices.

However, the result, the first under Sam Walsh, the former head of Rio’s iron ore business, was slightly better than the market expected. Rio also declared a full-year dividend of US$1.67 a year, higher than the US$1.58 payment forecast by analysts.

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