Nothing short of an RNS fit for framing from Rio Tinto this Thursday morning: Rio Tinto expects to recognise a non-cash impairment charge of approximately US$14 billion (post tax) in its 2012 full year results. These impairments include an amount of approximately US$3 billion relating to Rio Tinto Coal Mozambique (RTCM), as well as reductions in the carrying values of Rio Tinto's aluminium assets (mostly Rio Tinto Alcan (RTA) but also Pacific Aluminium) in the range of US$10-11 billion. The Group also expects to report a number of smaller asset write-downs in the order of US$500 million. The final figures will be included in Rio Tinto's full year results on 14 February 2013. Tom Albanese has stepped down as chief executive by mutual agreement with the Rio Tinto Board, and Iron Ore chief executive Sam Walsh has been appointed as his successor with effect from today. Doug Ritchie, who led the acquisition and integration of the Mozambique coal assets in his previous role as Energy chief executive, has also stepped down by mutual agreement. Rio Tinto chairman Jan du Plessis said "The Rio Tinto Board fully acknowledges that a write-down of this scale in relation to the relatively recent Mozambique acquisition is 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. All we have to say is simply, wow. What's more, don't let the structure of the press release fool you. They may have topped this with the Mozambique coal business. But no, this is not a Mozambique story. This is an aluminium story, with a little Mozambique issue on the side. The FT's Australia correspondent Neil Hume plucks out the real size of the aluminum carnage: That the aluminium market has been suffering is no secret to anyone. But it's been the defiant attitude of the producers in the face of weakness that's been astonishing. And we're not talking just about Rio. Remember what Deripaska said? He made a public call to the industry last September to collectively rein in production for the market's sake. And more specifically to stop producing aluminium that was only heading into securitisation type structures in the market. We called it the subpriming of commodities. And we have to say, Thursday's resignation from Tom Albanese has echoes of subprime revelations all over it. As do the aluminium writedowns. Angelo Mozilo would be proud. The question is then, is this only a Rio affair? Here's the Rio share reaction in London thus far: Related links: Outing the aluminium squeeze, Deripaska style - FT Alphaville The subpriming of commodities - FT Alphaville Rio chief quits after $14bn writedown - FT