The steep cost of Rio's closure on Riversdale

A paltry sale price for Rio Tinto's Riversdale assets completely validates Tom Albanese’s replacement with Sam Walsh. But Walsh will be hoping no further shocks emerge from operations in riskier jurisdictions.

In 2011, during Rio Tinto’s $US4 billion bid for Riversdale Mining, Tata Steel tried to drum up a competing bid from a coalition of Indian steel, coal and power companies. In the end it sold its 26 per cent stake in Riversdale for $US1.1 billion. Today India Inc bought all the Riversdale assets for a paltry $US50 million.

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