COAL MINES AND MINING – MOZAMBIQUE

Rio Tinto and former bosses charged with fraud by US regulator over Mozambique coal

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Original article by Michael Janda
abc.net au – Page: Online : 19-Oct-17

Rio Tinto and former CEO Tom Albanese will contest the fraud charges that have been filed against them in the US. The Securities & Exchange Commission will contend that Albanese and ex-CFO Guy Elliott deliberately concealed the true value of a Mozambique coal project for which Rio Tinto had paid $US3.7bn in 2011. The SEC will allege that Rio only disclosed the real value of the coal assets after an executive informed chairman Jan du Plessis of the valuation discrepancy in early 2013. Rio Tinto subsequently wrote down the value of the assets by $US3bn and sold the project for just $US50m in 2014.

CORPORATES
RIO TINTO LIMITED – ASX RIO, UNITED STATES. SECURITIES AND EXCHANGE COMMISSION, RIVERSDALE MINING LIMITED, RIO TINTO COAL MOZAMBIQUE, VEDANTA RESOURCES PLC, GREAT BRITAIN. FINANCIAL CONDUCT AUTHORITY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Rio facing US probe over Mozambique

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Original article by Matthew Stevens
The Australian Financial Review – Page: 13 & 16 : 29-Nov-16

It has been revealed that Rio Tinto’s 2011 acquisition of Riversdale Mining has been the subject of a confidential investigation by the US Securities & Exchange Commission. The probe into the $US4.16bn takeover of the Mozambique-focused coal producer predates revelations over the scandal surrounding the Simandou iron ore project in Guinea. A subsequent $US3.269bn write-down in the value of the Mozambique assets in Rio’s 2012 financial accounts led to the departure of several top executives, including CEO Tom Albanese.

CORPORATES
RIO TINTO LIMITED – ASX RIO, RIVERSDALE MINING LIMITED, UNITED STATES. SECURITIES AND EXCHANGE COMMISSION, GREAT BRITAIN. SERIOUS FRAUD OFFICE, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, BHP BILLITON LIMITED – ASX BHP, KIRKLAND AND ELLIS LLP, INTERNATIONAL COAL VENTURES LIMITED