Rio Tinto fined by ASIC over disclosure of RTCM impairment

Mining giant Rio Tinto said on Monday that it had reached a settlement with the Australian Securities and Investment Commission regarding disclosure of the impairment of Rio Tinto Coal Mozambique, which was reflected in its 2012 year-end accounts.

Rio Tinto stated that as part of a court-approved settlement, it will pay an AUD $750,000 (£420,900) penalty for a single contravention of its continuous disclosure obligations in the period spanning 21 December 2012 to 17 January 2013, immediately preceding the impairment announcement.

As part of the settlement between ASIC and Rio Tinto, there were no findings of fraud or any systemic or widespread failure by the group, while cases against the firm's brass, namely Tom Albanese and Guy Elliott, were also wholly dismissed.

Rio Tinto previously settled with the UK's Financial Conduct Authority back in 2017 relating to the same impairment, while a US court also dismissed a related securities class action.

"Rio Tinto welcomes closure of the ASIC case on appropriate and reasonable terms. The resolution of this matter, however, does not impact the Securities and Exchange Commission's proceedings. Rio Tinto will continue to defend itself vigorously against the SEC's allegations," said Rio.