Australian mining group Rio Tinto posted a $3bn loss for 2012 after taking a $14bn writedown from its aluminum business and the acquisition of a coal company in Mozambique.
The loss - compared with a profit of $5.8bn in 2011 - came after two senior executives, Tom Albanese and Doug Ritchie, stepped down last month after acknowledging that developing infrastructure in Mozambique was more challenging than expected.
It also needed to cut its estimates of recoverable coal volumes.
Underlying earnings dropped 40% to $9.3bn because of falling commodities prices. Revenue from operations declined 40% to $16.5bn.
Sam Walsh, the new chief executive, announced plans to cut costs by $5bn at the world's third-largest diversified mining company.
Rio Tinto sacked chief executive Tom Albanese in January as it revealed a $14bn writedown in connection with his two most significant acquisitions, Mozambican coal mining and the Alcan aluminium group.
Tom Albanese was the latest chief executive of a major mining company, many of whom took the reins in 2007, to step down or announce his departure. BHP Billiton has said it is seeking a replacement for chief executive Marius Kloppers, and Anglo American has replaced chief executive Cynthia Carroll.
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