November 29, 2012 / 4:11 AM / in 5 years

Rio Tinto says may take aluminium charge at end 2012

MELBOURNE, Nov 29 (Reuters) - Global miner Rio Tinto may take a further writedown on its aluminium business at the end of this year, reflecting tough market conditions, Chief Financial Officer Guy Elliott said on Thursday.

“It’s possible there will be some revisions this year, notably in aluminium,” Elliott said at an investor seminar.

Rio Tinto bought the Alcan aluminium business for $38 billion at the top of the market five years ago, taking on debt that nearly brought the company to its knees, and has been writing down the value of the business ever since.

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