Rio Tinto's chief executive Tom Albanese steps down as miner announces $14bn writedown He will also receive relocation costs to cover his move from Perth, Australia to London and will receive unspecified London housing costs. In a statement from the group today, it said, as well as Mozambique, it would also have to write-down $10-11bn as a result of reductions in the value of Rio Tinto's aluminium assets (mostly Rio Tinto Alcan but also Pacific Aluminium). In February 2012, Mr Albanese said he would not take an annual bonus after the company posted an $8.9bn (£5.6bn) writedown on the value of aluminium assets bought under his oversight. It had planned to shrink the division by hiving off most of its Australian and New Zealand assets for sale, but buyers have not flocked. Mr Albanese said he declined to be considered for the reward because of what has happened to the FTSE 100 miner's Alcan arm, purchased in 2007 for $38bn shortly before the markets crashed. As well as announcing a $14bn non-cash impairment charge in 2012, the miner said it also expected to report a number of smaller write-downs of around $500m when it announces its full year results on February 14. Rio Tinto chairman Jan du Plessis said that a write-down in the scale of the recent Mozambique acquisition was "unacceptable." "We are also deeply disappointed to have to take a further substantial write-down in our aluminium businesses, albeit in an industry that continues to experience significant adverse changes globally.," he said. We are taking decisive action to improve our competitive position further with an aggressive cost reduction plan. Mr Albanese added: "While I leave the business in good shape in many respects, I fully recognise that accountability for all aspects of the business rests with the CEO." The shares fell by as much as 4.6pc to 3,300p in opening deals.