H2 loss pushes Rio Tinto to US$2.99b deficit

World no.3 miner Rio Tinto reported a 47 per cent plunge in half-year underlying profit on Thursday, its worst since 2009 due to sharp falls in commodity prices, although its new chief pointed to a pick-up in China as a positive sign.

For the full year, the company reported a US$2.99 billion loss, mostly reflecting writedowns on its Alcan takeover in 2007 and a coal acquisition in Mozambique, where transport challenges have slowed development and coal output estimates have been cut.

via Business feed http://www.scmp.com/business/companies/article/1150092/h2-loss-pushes-rio-tinto-us299b-deficit