United States of America

Rio Tinto to pay $28 mln fine in US SEC settlement_INSIGHT

The Rio Tinto logo is displayed above the global mining group’s booth at the Prospectors and Developers Association of Canada (PDAC) annual conference in Toronto, Ontario, Canada March 7, 2023. REUTERS/Chris Helgren/File Photo Acquire Licensing Rights

NEW YORK, Nov 17 (Reuters) – Rio Tinto (RIO.L), (RIO.AX) agreed to pay a $28 million civil fine to settle a U.S. Securities and Exchange Commission lawsuit that had accused the Anglo-Australian mining company of fraud in its handling of a failed investment in a Mozambique coal project.

The SEC also settled related claims against former Rio Tinto Chief Executive Tom Albanese, who would pay a $50,000 civil fine.

Neither Rio Tinto nor Albanese admitted liability in agreeing to settle, according to papers filed on Friday with the U.S. District Court in Manhattan. The settlements require a judge’s approval.

Reporting by Jonathan Stempel in New York
Editing by Chris Reese

Our Standards: The Thomson Reuters Trust Principles.

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