Original article by Peter Ker
The Australian Financial Review – Page: 13 & 26 : 7-Mar-18
Rio Tinto announced a $US2.86bn write-down in the value of its Mozambique coal assets in February 2013, less than 18 months after they were acquired for $US3.7bn in August 2011. The US Securities & Exchange Commission contends that a write-down should have been made much sooner. It also alleges that former Rio Tinto executives Tom Albanese and Guy Elliott had been aware that the value of the Mozambique assets had declined only months after their acquisition.
RIO TINTO LIMITED – ASX RIO, UNITED STATES. SECURITIES AND EXCHANGE COMMISSION, RIVERSDALE MINING LIMITED, ALCAN INCORPORATED