Cost Cutting at Rio Tinto After $3bln Loss
A $3bln loss for Rio Tinto - it's the mining giant's first ever full year loss and it's prompted a major overhaul. New CEO Sam Walsh has vowed to slash costs, sell weak assets and spend capital more carefully. He was appointed last month after his predecessor was sacked for misjudging aluminium and coal acquisitions. A $14 billion writedown followed leaving the world's third biggest miner in the red. Rio's half year underlying profit was also down by almost a half - its worst since 2009.
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