Rio Tinto Limited
(ASX:RIO) has booked a net loss of $US2.9 billion for the 2012 financial year, weighed down by $US14 billion in write downs on its aluminium and coal businesses.
The global miner revealed the write downs last month, at the same time it announced the resignation of CEO Tom Albanese who has since been replaced by Sam Walsh.
On an underlying level Rio Tinto’s profit dropped 40 per cent to $US9.3 billion over the 2012 calendar year.
The company has vowed to cut costs by about $US5 billion before the end of 2014 through lowering capital expenditure and exploration and evaluation spending.
New CEO Mr Walsh says Rio Tinto will also target significant cash proceeds from divestments of non-core businesses this year.
Rio Tinto has lifted its full-year dividend by 15 per cent $US1.67 per share.
