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Miner Rio Tinto Ousts CEO as Bad Bets Cost Billions
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Tom Albanese of Australia's Rio Tinto resigns, ending a six year period at the company, after taking a $14 billion loss in Jan 2013. Of this $10-11 billion is for the failed Alcan Aluminium acquisition, and $3 billion for the acquisition of Riversdale Mining with coking coal assets in Mozambique. The Alcan Aluminium acquisition has resulted in $30 billion in wirtedowns for Rio Tinto including the latest writedown. Aluminium prices have declined 22% since 2007. The coking coal prices have declined 43% since 2011. Shipping coking coal down the Zambezi would require dredging the river and approvals, the coal is also of poor quality requiring additional processing. Sam Walsh who headed the iron operations since 2004 takes over as new CEO. Walsh has managed the large Pilbara iron ore projects on time and on budget. Earnings on the large iron ore projects have increased 15 times since 2004, with near doubling of production. Rio Tinto is the world's second largest iron ore producer. The focus of operations will now be on developing iron ore deposits to meet demand from China, India, Russia and the Middle East. A string of CEO's of commodity producers have resigned. Anglo American's CEO Cynthia Carroll resigned after investing in an iron ore project in Brazil in 2007 which cost $5.6 billion more than expected to develop. Going to remote regions of the world has increased risks for mining companies and overoptimistic projections have hurt the companies badly.
Rio Tinto management
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Grouped Articles
Rio Tinto's First-Half Profit Falls 71%
Wall Street Journal 08/09/2013
Rio Tinto's Time-Consuming Turnaround
Wall Street Journal 08/08/2013
Rio Tinto's Walsh Still Faces Major Challenges Ahead
Wall Street Journal 02/25/2014
Economist 02/02/2009
Rio Tinto Already Has Metallic Tinge
Wall Street Journal 07/10/2014
Rio Tinto Digs In as Rival Spins Off
Wall Street Journal 05/07/2015
Rio Tinto strategies
02/02/2009
Grouped Articles
Rio Tinto's First-Half Profit Falls 71%
Wall Street Journal 08/09/2013
Rio Tinto's Time-Consuming Turnaround
Wall Street Journal 08/08/2013
Rio Tinto's Walsh Still Faces Major Challenges Ahead
Wall Street Journal 02/25/2014
Economist 02/02/2009
Rio Tinto Already Has Metallic Tinge
Wall Street Journal 07/10/2014
Rio Tinto Digs In as Rival Spins Off
Wall Street Journal 05/07/2015
Anglo American management
10/30/2012
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Mining Companies Slash Jobs as Commodities Prices Slide
Wall Street Journal 07/25/2015
Commodities Rout Leaves Anglo American Needing Deals
Wall Street Journal 07/25/2015
Anglo American to Slash Assets, Cut 85,000 Jobs
Wall Street Journal 12/09/2015
Anglo American’s Overhaul: Dire Straits in Mining
Wall Street Journal 12/09/2015
Anglo Chief Fell Victim to Cost Overruns
Wall Street Journal 10/30/2012
Miner Rio Tinto Ousts CEO as Bad Bets Cost Billions
Wall Street Journal 01/18/2013
Anglo American strategies
10/30/2012
Grouped Articles
Mining Companies Slash Jobs as Commodities Prices Slide
Wall Street Journal 07/25/2015
Commodities Rout Leaves Anglo American Needing Deals
Wall Street Journal 07/25/2015
Anglo American to Slash Assets, Cut 85,000 Jobs
Wall Street Journal 12/09/2015
Anglo American’s Overhaul: Dire Straits in Mining
Wall Street Journal 12/09/2015
Anglo Chief Fell Victim to Cost Overruns
Wall Street Journal 10/30/2012
Miner Rio Tinto Ousts CEO as Bad Bets Cost Billions
Wall Street Journal 01/18/2013
Australia's mining boom
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Wall Street Journal 05/01/2013
U.S. Stocks Shrug at China's Woes
Wall Street Journal 07/10/2013
The Deal Is Simple. Australia Gets Money, China Gets Australia
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An Australian Boom Town Feels Chill of Commodity Price Decline
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BHP Broken Hill Proprietary, big Australian mining company and how its working the commodity business a different way from the past. Comparison to oil Companies and similar issues faced by oil companies though more complex in the case of oil.
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Wall Street Journal 05/01/2013
Wall Street Journal 05/30/2013
After Going All In During Mining Boom BHP Cuts its Ambitions
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The Deal Is Simple. Australia Gets Money, China Gets Australia
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An Australian Boom Town Feels Chill of Commodity Price Decline
Wall Street Journal 06/09/2014
China’s Slowdown Hits Price of Iron Ore
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The mining equipment industry- 2011-2013
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Hard Labor Needed for Mining Renaissance
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At Trade Show, Makers of Mining Equipment Push Cost-Savings
Wall Street Journal 09/25/2012
Miner Rio Tinto Ousts CEO as Bad Bets Cost Billions
Wall Street Journal 01/18/2013
Rio Tinto performance
02/02/2009
Grouped Articles
Rio Tinto's First-Half Profit Falls 71%
Wall Street Journal 08/09/2013
Rio Tinto's Time-Consuming Turnaround
Wall Street Journal 08/08/2013
Hard Labor Needed for Mining Renaissance
Wall Street Journal 01/22/2014
Rio Tinto's Walsh Still Faces Major Challenges Ahead
Wall Street Journal 02/25/2014
Economist 02/02/2009
Rio Tinto Already Has Metallic Tinge
Wall Street Journal 07/10/2014
Rio Tinto's Alcan aluminium acquisition
02/02/2009
Grouped Articles
Economist 02/02/2009
Rio Tinto Already Has Metallic Tinge
Wall Street Journal 07/10/2014
Rio Tinto Digs In as Rival Spins Off
Wall Street Journal 05/07/2015
For Mining Chiefs, Doomsday Scenarios Could Become Reality
Wall Street Journal 02/01/2016
Alcan Proves Costly to Rio Tinto
Wall Street Journal 02/10/2012
China's Iron Demand Turns Down Under
Wall Street Journal 03/07/2012
Anglo American performance
09/21/2012
Grouped Articles
Mining Companies Slash Jobs as Commodities Prices Slide
Wall Street Journal 07/25/2015
Commodities Rout Leaves Anglo American Needing Deals
Wall Street Journal 07/25/2015
Anglo American to Slash Assets, Cut 85,000 Jobs
Wall Street Journal 12/09/2015
Anglo American’s Overhaul: Dire Straits in Mining
Wall Street Journal 12/09/2015
Anglo Struggles to Extract Itself From Deep Hole
Wall Street Journal 09/21/2012
Anglo Chief Fell Victim to Cost Overruns
Wall Street Journal 10/30/2012
Australia's iron ore mining industry and exports of iron ore
09/02/2010
Grouped Articles
Wall Street Journal 05/01/2013
U.S. Stocks Shrug at China's Woes
Wall Street Journal 07/10/2013
The Deal Is Simple. Australia Gets Money, China Gets Australia
BusinessWeek 09/02/2010
China’s Slowdown Hits Price of Iron Ore
Wall Street Journal 12/01/2014
Australia Faces Painful Choices in Economic Slowdown
Wall Street Journal 12/08/2014
Japan Set to Overtake China for Australia’s Biggest Trade Surplus
Wall Street Journal 06/15/2015
Australia's limited economic policy options with a mining boom and a slower economy outside of mining- 2009-2013
09/02/2010
The impact of a higher valued currency- as a result of the mining boom- on manufacturing, tourism and other economic sectors.
Grouped Articles
Wall Street Journal 05/01/2013
U.S. Stocks Shrug at China's Woes
Wall Street Journal 07/10/2013
The Deal Is Simple. Australia Gets Money, China Gets Australia
BusinessWeek 09/02/2010
An Australian Boom Town Feels Chill of Commodity Price Decline
Wall Street Journal 06/09/2014
Wall Street Journal 11/13/2014
Australia Faces Painful Choices in Economic Slowdown
Wall Street Journal 12/08/2014
The global mining industry in 2011-2012
07/29/2011
Grouped Articles
Diggers Enter Minefield as Costs Increase
Wall Street Journal 07/29/2011
Miners Find Excuses in Short Supply
Wall Street Journal 09/06/2011
Miners Find Optimism a Rare Commodity
Wall Street Journal 09/23/2011
China Speeds Economic 'Transformation'
Wall Street Journal 03/06/2012
Hot Commodity: Research on Prices
Wall Street Journal 04/26/2012
Miner Rio Tinto Ousts CEO as Bad Bets Cost Billions
Wall Street Journal 01/18/2013
Losses and management turnover at mining companies leading to scaling back of orders of mining equipment and Caterpillar performance
01/18/2013
Losses at Rio Tinto and Anglo-American with risky projects is leading to management turnover and a scaling back in investment. The lower commodity prices, declining growth in China and risk averse strategies in turn affects Caterpillar's growth in its key mining equipment business. Analysts do not expect the situation to improve till 2015.
Linked Articles
Caterpillar Chief Faults China Unit
Wall Street Journal 01/29/2013
Miner Rio Tinto Ousts CEO as Bad Bets Cost Billions
Wall Street Journal 01/18/2013
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