Rio Tinto Group must face a US Securities and Exchange Commission (SEC) lawsuit over the company’s valuation of coal assets in Mozambique, a federal judge ruled. Advertisements
Rio Tinto and its former chief executive and chief financial officer have been charged with fraud by US authorities for allegedly attempting to cover up multi-billion-dollar losses on an African coal investment.
Read MoreThe Times of India reported that International Coal Ventures (ICVL) has acquired Rio Tinto’s (NYSE:RIO) coal assets in Mozambique. The move represents a major acquisition for the coal sector. As quoted in the publication: IVCL, a joint venture of SAIL, CIL, RINL, NMDC & NTPC, had been scouting for coal assets abroad since its inception in 2009 but had failed to clinch a deal so far. With the new takeover, the steel majors will not run…
Read MoreA group of Indian state-run metal and mining companies is planning to buy three of Rio Tinto’s coal mines in Mozambique for around $US108 million ($114.7m), said people familiar with the negotiations.
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