CAPITAL MARKETS

Rio foiled by massive aluminium writedown

MINING giant Rio Tinto has posted record underlying earnings of $US15.5 billion ($A14.33 billion) but net earnings dropped 59% to $5.9 billion after the company recorded an $8.9 billion impairment charge on its struggling aluminium business.

Kristie Batten

Rio foiled by massive aluminium writedown

The writedown is largely related to Rio’s ill-timed $38.1 billion takeover of Alcan in 2007. Rio chief executive Tom Albanese and chief financial officer Guy Elliott will forgo their annual bonuses...

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