CAPITAL MARKETS

Write downs take gloss off Rio's record cashflow

RIO Tinto recorded earnings of US$1.5 billion in 2002 after a record cashflow of US$3.74 billion was offset by significant write downs of its Kennecott Utah Copper and Iron Ore Co of Canada assets.

Michael Quinn

Write downs take gloss off Rio's record cashflow

Kennecott was written down to the tune of US$480 million, while IOC's book value dropped US$235 million. Rio said revised assumptions about the future markets for those operations' products, "particularly...

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