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Miner Rio Tinto writes down $17b, CEO resigns

Published on Jan 17, 2013 3:45 PM
 
This file photo taken on Dec 5, 2011, shows a Rio Tinto sign adorning their building in central Brisbane. Anglo-Australian mining giant Rio Tinto announced a US$14 billion (S$17 billion) writedown related to its Mozambique coal assets and ailing aluminium business on Jan 17, 2013, prompting its chief executive to resign. -- PHOTO: AFP

SYDNEY (AFP) - Anglo-Australian mining giant Rio Tinto announced a US$14 billion (S$17 billion) writedown related to its Mozambique coal assets and ailing aluminium business on Thursday, prompting its chief executive to resign.

"The Rio Tinto board fully recognises that a write-down of this scale in relation to the relatively recent Mozambique acquisition is unacceptable. We are also deeply disappointed to have to take a further substantial writedown in our aluminium businesses," said chairman Jan du Plessis.