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Rio Tinto records annual loss

U.K.-based miner Rio Tinto's new CEO Sam Walsh, appointed last month, said he will slash costs by $5 bil and sell weak assets after the world's No. 3 miner reported a $3 bil loss for '12. The company earlier took a $14 bil loss on its aluminum business. Rio Tinto (RIO) had a $5.8 mil profit in '11. Last month it said developing infrastructure in Mozambique was more challenging than expected, and it cut coal volume estimates. Total revenue from operations fell 40% in '12 to $16.5 bil. Shares fell 0.4%.