Rio Tinto under US probe in Mozambique

rio-tintoFrom ARIMANDO DOMINGOS in Maputo, Mozambique
MAPUTO, (CAJ News) – British-Australian multinational miner, Rio Tinto, pledged to cooperate with United States investigators over a probe into a US$3 billion impairment included in the company’s operation in Mozambique in 2012.

The United States Securities Exchange Commission (SEC) is investigating the impairment, which refers to a reduction in the recoverable amount of a fixed asset below its book value.

“Rio Tinto confirms that it is cooperating with inquiries from the relevant authorities relating to the impairment included in the company’s 2012 accounts in respect of Rio Tinto Coal Mozambique (RTCM),” the company said on Thursday morning.

As the SEC investigation, which started in April 2013, remains ongoing Rio Tinto said it would be inappropriate to comment further at this time.

“The company will update the market, as required, in due course.”

Rio Tinto sold its Mozambique entity to India’s International Coal Venture in 2014. Rio had acquired it from Australia’s Riversdale for $3,7 billion in 2011.

– CAJ News

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Posted by on Dec 1 2016. Filed under Africa & World, Featured, Finance, Mining, Mining & Engineering, National, Regional. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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