Rio Tinto's new CEO, Sam Walsh, said the miner will review investments and cut costs, after it notched its first annual loss following a drop in commodity prices and large impairment charges.
Selling over the past couple of trading sessions has been violent and panicky, as steep declines in the price of bullion were accompanied by the breaking of key technical levels, sparking stop-loss selling, margin calls, and then risk managers and asset allocators offloading commodity holdings to build cash levels.