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Rio posts $2.9bn loss

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AAP

2013-02-14

Global miner Rio Tinto has posted a $US2.99 billion ($A2.91 billion) full year net loss, due to $US14.4 billion ($A14.00 billion) in recent writedowns.

The company's underlying earnings fell 40 per cent to $US9.3 billion.

Last month, Rio wrote down its aluminium assets and a coal project in Mozambique, leading to chief executive Tom Albanese's departure.

A tax credit of $US1.3 billion ($A1.26 billion) related to the federal government's mining tax helped lessen the size of the statutory loss.