Anglo-Australian miner Rio Tinto said on Thursday that its top executives will not take a bonus this year following an $8.8bn hit on its aluminium business Alcan.

The mining giant reported a 50 percent drop in annual net profits to $5.8bn compared to $14.32 the year before.

Rio CEO Tom Albanese took full responsibility and announced he will forgo his bonus, saying: As the acquisition of Alcan happened on my watch, I felt it only right not to be considered for an annual bonus this year.”

CFO Guy Elliott has also refused a bonus.

Aside from the issues at Alcan, Albanese informed shareholders it was a good result with revenues climbing to $60bn.