Tom Albanese has announced his resignation from the post of the Chief Executive Officer of mining giant, Rio Tinto after the company said that it recorded a charge of £9 billion arising from two major acquisitions.

Albanese has been working as the CEO of the company since 2007 and his resignation came following a major write down of the value of its aluminum assets f the miner and the purchase of a coal business in Mozambique during
2011. The company said that the resignation comes after a mutual agreement.

Rio Tinto announced that the Albanese will be replaced by Sam Walsh, who has been managing the company's iron ore business. The company had acquired aluminium group Alcan in 2007, which has been suffering huge losses in recent years due to the economic slowdown in the global economy.

Rio announced that it is writing down the value of its aluminium in the rage of about $10 billion to $11 billion. Company chairman Jan du Plessis said that the $3 billion write-down of Mozambique-based coal miner Riversdale was unfortunate.

"Rio Tinto's underlying business and balance sheet remain in good health, and we are taking decisive action to improve our competitive position further with an aggressive cost reduction plan," he said.