Rio Tinto faces probe into Mozambique operations

Rio Tinto has confirmed reports that it is under investigation by the US Securities Exchange Committee (SEC) over an impairment in its 2012 accounts in Mozambique.

The impairment relates to the company’s 2011 acquisition of Riversdale Mining, which was the owner of several coal assets in Mozambique.

Rio Tinto, which divested the coal assets in 2014, said it was cooperating with inquiries from the relevant authorities.

“As the SEC investigation, which started in April 2013, remains ongoing it would be inappropriate to comment further at this time. The company will update the market, as required, in due course,” Rio Tinto said.

The Mozambique inquiry isn’t the only issue that Rio Tinto currently faces in Africa, with the company also undertaking an internal investigation over payments made to help it acquire the Simandou mining rights in Guinea.

Rio Tinto last month axed two of its key executives over the Simandou scandal.

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