Coal news and updates

ASIC’s four-year pursuit of Rio settled for $750k

Rio Tinto and the Australian Securities and Investments Commission have asked the Federal Court to approve a settlement that would end a four-year legal saga for the sum of $750,000.

Like its peers in the United Kingdom and the United States, ASIC had pursued Rio over the time the company took to disclose the deteriorating nature of its 2011 investment in Mozambique coal, which was eventually impaired by Rio in January 2013.