Rio Tinto Settles Mozambique Coal Impairment Case With Australian Regulator
07 March 2022 - 2:53PM
Dow Jones News
By Rhiannon Hoyle
Rio Tinto PLC said Monday that it has reached a settlement with
the Australian Securities and Investments Commission over the
timing of a 2013 impairment disclosure against Mozambique coal
assets it used to own.
The mining company said it will pay 750,000 Australian dollars
(US$553,000) for contravening its continuous disclosure obligations
between Dec. 21, 2012, and Jan. 17, 2013, immediately before it
announced a roughly US$3 billion impairment against the value of
the Mozambique business.
"As part of this court approved settlement between Asic and Rio
Tinto, there were no findings of fraud or any systemic or
widespread failure by Rio Tinto," the company said in a regulatory
filing.
The Mozambique coal business, one of the miner's costliest deals
of the last commodity boom, was bought by Rio Tinto in 2011 and
sold in 2014.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
March 06, 2022 22:38 ET (03:38 GMT)
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