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Rio chief's bonus axed over aluminium hit

Thursday, Feb 09, 2012
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 A massive write-down to Rio Tinto's aluminium business has taken the shine off the mining giant's earnings.

 
 
The company this evening reported an annual net income of $US5.8 billion after a one-time $US8.9 billion writedown of its aluminium business.
 
 
Rio Tinto chief executive Tom Albanese said he won’t be considered for an annual bonus this year after the company posted a 59 per cent decline in net income.
 
 
‘‘As the acquisition of Alcan happened on my watch, I felt it only right not to be considered for an annual bonus,’’ Mr Albanese said in the company’s earnings statement.
 
 
Shareholders will get a dividend of $US1.45 per share.
 
 
Mr Albanese will shortly address investors and media.
 
 
The result comes a day after BHP Billiton revealed first half profits of $US9.94 billion.
 
 

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