Rio Tinto CEO Fired, Blamed for Bad Coal Acquisitions

Reuters reported that Rio Tinto fired CEO Tom Albanese on Thursday, partly due to $14 million in writedowns for unprofitable acquisitions, including Mozambique-focused coal miner Riversdale.

As quoted in the market report:

There, like many others in the region, Rio has struggled with the challenge of getting from pit to port, after a plan to transport coal by barge along the Zambezi river failed to get the green light. It has also been forced to cut estimates of how much coal it will be able to recover.

To view the whole Reuters report, click here.