After Rio, It’s Now BHP’s Turn to Write Down $4B in Nickel, Aluminium Assets

By Vittorio Hernandez,

Shutterstock photo

BHP Billiton ( BHP ) seems to be following the footsteps of competitor Rio Tinto ( RIO ) in terms of write-downs, firing and commodity production. A week after Rio fired Chief Executive Tom Albanese mainly over the write-down of aluminium assets, BHP said on Thursday that it will likely write off $4 billion of its Australian aluminium and nickel assets by February 2013.

The move, which came with the release of BHP's first quarter production report, is because of the two businesses expected to incur losses of about $600 million for the current financial year.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing Commodities
Referenced Stocks: BHP , RIO

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