What a difference a day makes. In just 24 hours, Rio Tinto abandoned its much-maligned deal with Chinalco, launched a $15bn rights issue and unveiled a joint venture with rival BHP Billiton.

Jan du Plessis, Rio’s chairman, and Tom Albanese, the chief executive, coolly explained, after months of defending the Chinalco deal to the hilt, there was no choice but to kill it.