Rio hit by Alcan writedown

That self sacrifice on bonuses reflects the pair's role in the $38bn acquisition of Canadian aluminium producer, Alcan, in 2007. The bid at that time was pitched at a 65.5 per cent premium to Alcan's highest-ever closing price and was undertaken at the top of the market - yet aluminium has been one of the few industrial inputs where the price hasn't been buoyed by emerging market shortfalls.

Operationally, meanwhile, Rio experienced mixed fortunes. Despite adverse weather conditions the group continued to expand capacity at its key iron ore operations in the Pilbara region of Western Australia. Revenues from Rio’s iron ore segment rose 24 per cent during the year to $29.8bn - representing roughly half the group total revenues. However, overall mining output was hit by declining grades within the group’s copper and gold segments.

Prices, though, remained broadly supportive throughout Rio’s mining operation, with positive price movements adding $6.68bn to underlying profits. Still, Rio Tinto, in common with industry rivals, continues to struggle with operating costs - that's particularly the case in relation to labour; a situation that shows few signs of abating. While the group saw energy costs rise by $249m in the year as well.

But management did push though an impressive dividend hike - although that may also lessen the likelihood of Rio instituting any additional share buy-backs after the current $7bn scheme ends in March.

Prior to these figures, UBS had been forecasting adjusted EPS of 875¢ for 2012 (809¢: 2011).