Settlement with Securities and Exchange Commission

Rio Tinto PLC

22 November 2023

 

Notice to ASX/LSE                                                                                                                       

Settlement with Securities and Exchange Commission

21 November 2023

Rio Tinto has reached a court approved settlement with the Securities and Exchange Commission (SEC) of a suit brought in 2017 concerning disclosure of the impairment of Rio Tinto Coal Mozambique (RTCM) reflected in Rio Tinto's 2012 year-end accounts. 

Without admitting to or denying the SEC's allegations related to its books, records and reporting requirements, Rio Tinto will pay a US$28 million penalty and retain an independent consultant to advise on its current policies, procedures, and controls related to impairment, disclosures and project risk. 

Former chief executive Tom Albanese has also reached a settlement with the SEC and will pay a US$50,000 penalty, without admitting to or denying the allegations related to books and records and internal controls.   

Rio Tinto welcomes closure of the SEC case on appropriate and reasonable terms.

With this settlement, all investigations of Rio Tinto regarding this matter have been finalised. Rio Tinto settled claims brought by the Australian Securities and Investment Commission in 2022 and the United Kingdom's Financial Conduct Authority in 2017 relating to the same RTCM impairment. The U.S. Court who approved the SEC settlement previously dismissed a related private putative securities class action in 2019.  An appeals court affirmed the dismissal. 

RTCM was acquired in 2011 and divested in 2014.

This announcement is authorised for release to the market by Andy Hodges, Rio Tinto's Group Company Secretary.

LEI: 213800YOEO5OQ72G2R82

Contacts

Please direct all enquiries to [e-mail]

Media Relations, United Kingdom Matthew Klar M [phone] David Outhwaite M [phone]	Media Relations, Australia Matt Chambers M [phone] Jesse Riseborough M [phone] Alyesha Anderson M [phone] Michelle Lee M [phone]	Media Relations, Americas Simon Letendre M [phone] Malika Cherry M [phone]
Investor Relations, United Kingdom Menno Sanderse M [phone] David Ovington M [phone] Laura Brooks   M [phone]	Investor Relations, Australia Tom Gallop M [phone] Amar Jambaa M [phone]
Rio Tinto plc 6 St James's Square London SW1Y 4AD United Kingdom T [phone] Registered in England No. 719885	Rio Tinto Limited Level 43, 120 Collins Street Melbourne 3000 Australia T [phone] Registered in Australia ABN 96 004 458 404

riotinto.com

 

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