On the 28th of February, Rio Tinto Plc informed that Chris Lynch, a former BHP Billiton Ltd. executive, was named its new chief financial officer. Chris Lynch will replace the much-respected and committed employee Guy Elliot who informed about his intention to step down back in July 2012.
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.
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.
Rio Tinto PLC, the world’s second largest mining company, informed that it would expand iron ore production by approximately 15 percent as it saw its 2012 output grow to about 253 million tons, topping its earlier forecast. The strong results were pushed mainly by the revival in China’s demand for iron ore.