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Rio Tinto PLC reached a settlement with the Australian Securities & Investment Commission on Monday regarding the impairment of Rio Tinto Coal Mozambique.
As part of the settlement, the London-based mining company with operations in Australia will pay a A$750,000 penalty. The penalty, worth around $555,660, is for a breach of its continuous disclosure obligations during December 2012 to January 2013.
The company noted that this court settlement showed no findings of fraud or any systemic failure by Rio Tinto.
The case against Tom Albanese and Guy Elliott has been dismissed, the company added. The Australian Securities & Investments Commission had a case against against Rio Tinto's former chief executive officer Tom Albanese and then chief financial officer Guy Elliott over the failed $4 billion Mozambique coal venture.
Shares in Rio Tinto were up 2.9% at 6,201.07 pence on Monday morning in London.
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