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Rio Tinto CEO Tom Albanese

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New Rio Tinto CEO Sam Walsh is gearing up to cut costs as the world’s second largest mining company has just informed that it posted a $3 billion full-year loss. The loss was mainly driven by massive write-downs on the value of aluminum and coal businesses, which led to the resignation of Tom Albanese from a position of chief executive officer on the 17th of January.

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On the 17th of January, Rio Tinto Plc, the world’s second largest mining company, informed that its chief executive officer Tom Albanese would resign because of a $14 billion write-down on the value of assets which he supervised. The impairment charge mainly is associated with the $38 billion takeover of Alcan Inc. and the $4 billion coal purchase in Mozambique.

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