Rio Tinto PLC Settlement with Securities and Exchange Commission (2059U)

TIDMRIO

RNS Number : 2059U

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

riotinto.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCEAFFFAFKDFAA

(END) Dow Jones Newswires

November 22, 2023 02:00 ET (07:00 GMT)