By Rhiannon Hoyle

Rio Tinto PLC said Monday that it has reached a settlement with the Australian Securities and Investments Commission over the timing of a 2013 impairment disclosure against Mozambique coal assets it used to own.

The mining company said it will pay 750,000 Australian dollars (US$553,000) for contravening its continuous disclosure obligations between Dec. 21, 2012, and Jan. 17, 2013, immediately before it announced a roughly US$3 billion impairment against the value of the Mozambique business.

"As part of this court approved settlement between Asic and Rio Tinto, there were no findings of fraud or any systemic or widespread failure by Rio Tinto," the company said in a regulatory filing.

The Mozambique coal business, one of the miner's costliest deals of the last commodity boom, was bought by Rio Tinto in 2011 and sold in 2014.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

March 06, 2022 22:38 ET (03:38 GMT)

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