Rio Tinto chief resigns after shock $14 bn charge
- Published: 17 Jan 2013 at 15.45
- Online news: World
The head of Rio Tinto, Tom Albanese, resigned on Thursday after the global mining giant announced a $14-billion (10.5-billion-euro) write-down on its Mozambique coal assets and ailing aluminium business.
Anglo-Australian mining giant Rio Tinto on Thursday announced a $14 billion write-down on its Mozambique coal assets and ailing aluminium business, prompting its chief executive, Tom Albanese (pictured on October 26, 2011), to resign.
Rio warned it expected non-cash impairments of $10-11 billion mostly related to the 2007 purchase of aluminium firm Alcan, and $3 billion relating to its Mozambique coal project acquired in 2011, in annual results due on February 14.
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