Rio Tinto's Mozambique foray a big blow for company

By Elizabeth Knight
Updated July 31 2014 - 6:08am, first published July 30 2014 - 11:17pm
The sale price is even less than the $108 million that had been speculated only a few days ago.
The sale price is even less than the $108 million that had been speculated only a few days ago.

Rio Tinto’s foray into coal in Mozambique was a costly exercise. In 2011 the acquisition of these coal assets cost $US1.4 billion. It cost Rio Tinto’s profit about $US3 billion when it needed to be written down last year. And it cost the then chief executive, Tom Albanese and his head of strategy Doug Ritchie, their jobs.

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