ENVIRONMENT

Rio agrees to $28M settlement with SEC over Mozambique coal deal

RIO Tinto has agreed to pay US$28 (A$43) million to settle a US Securities and Exchange Commission action that accused the mining giant of fraud in handling a failed investment in a Mozambique coal project.

 The settlement requires approval of the United States District Court for the Southern District of New York.

The settlement requires approval of the United States District Court for the Southern District of New York.

The SEC alleged Rio Tinto deceived investors over the true value of Rio Tinto Coal Mozambique, which it bought in 2011 for $4 billion through a takeover of Australian Securities Exchange-listed Riversdale...

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