Rio Tinto PLC

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U.S. law firm files class suit against Rio Tinto over Mozambique coal

RIO

U.S. law firm files class suit against Rio Tinto over Mozambique coal. Seattle-based Hagens Berman Sobol Shapiro LLP said in a statement released in Australia on Tuesday it filed the suit on behalf of purchasers of Rio Tinto American Depositary Receipts (ADRs) between Oct. 23, 2012 and Feb. 15, 2013 in the U.S. District Court for the Southern District of New York. Rio Tinto and the two former executives have denied the charges. The SEC last week charged Rio Tinto and two of its former top executives with fraud, saying they inflated the value of Mozambique coal assets in Mozambique acquired for $3.7 billion and concealed critical information while tapping the market for billions of dollars.

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Hagens Berman Sobol Shapiro LLP Files Securities Class Action Against Rio Tinto PLC and Encourages Investors to Contact the Firm

RIO

Hagens Berman Sobol Shapiro LLP Files Securities Class Action Against Rio Tinto PLC and Encourages Investors to Contact the Firm. The complaint alleges Rio Tinto and certain of its former executives violated the Securities Exchange Act of 1934. If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. (d) when a concerned employee outside the normal financial control function discovered or suspected the senior executives concealed RTCM’s negative valuation from Rio Tinto’s Board of Directors, he bypassed them and directly alerted the Chairman, who ordered an investigation into RTCM’s true value; More specifically, the complaint alleges: (a) within months of the purchase, now-former senior executives knew of material problems adversely affecting RTCM’s multi-billion dollar publicly reported valuation;

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Rio Tinto Is Said to Pay Legal Fees of Ex-CEO, CFO in Fraud Case

RIO

Rio Tinto Is Said to Pay Legal Fees of Ex-CEO, CFO in Fraud Case. (Bloomberg) -- Rio Tinto Group will cover the legal costs of its former chief executive and chief financial officers after U.S. authorities charged them with fraud, according to people familiar with the situation. Rio has said it will vigorously defend itself against the allegations, and Albanese and Elliott have refuted the SEC’s charges. Separately, Rio has agreed to pay a 27.4 million pound ($36 million) fine for a breach of disclosure rules concerning the Mozambique assets after an investigation by the U.K. Financial Conduct Authority.

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Top Analyst Upgrades and Downgrades: Biogen, Equifax, Foot Locker, GE, NVIDIA, Rio Tinto, Roku and More – 24/7 Wall St.

RIO C +4 more RIO C EFX NVDA BIIB FL

These were the top analyst upgrades, downgrades and other research calls from Monday, October 23, 2017. Biogen Inc. (ASDAQ: BIIB) was downgraded to Neutral from Buy at Citigroup. It has a 52-week range of $89.59 to $147.02 and a consensus target price of 124.62. Foot Locker Inc. (NYSE: FL) was downgraded to Neutral from Buy with a $29 price target (versus a $31.28 prior close) at Buckingham Research. (NYSE: SM) was raised to Overweight from Neutral with a $30 price target (versus an $18.41 close) at JPMorgan. ServiceNow Inc. (NYSE: NOW) was raised to Overweight from Neutral with a $140 price target (versus a $124.82 close) at Piper Jaffray.

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247wallst.com
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We need someone to blame when the kitchen-sinking starts - Business News

RIO

Rolls-Royce Plc conducted a similar exercise last year, revising its 2015 numbers to similar effect. Last week, Rio Tinto Plc was accused of fraud by the U.S. Securities and Exchange Commission in relation to the disclosure and timing of a $2.9 billion impairment charge on its Mozambique coal operations in its 2012 accounts. They already have to sign off on the financial statements as members of the board. The Financial Reporting Council, which is supposed to police company accounts, can't even sanction a director unless he or she is also a member of the accountancy profession, and not all are.

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thestar.com.my
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Six police wounded, one killed in shootings near Indonesia's Freeport mine (FCX, RIO, RIO)

RIO

09:00:14 PM EDT 10/22/2017. Six police wounded, one killed in shootings near Indonesia's Freeport mine (FCX, RIO, RIO). JAKARTA, Oct 23 (Reuters) - Six police were wounded and one killed in shootings that police alleged on Monday were carried out by a separatist group that aims to disrupt operations at the Grasberg copper and gold mine in Indonesia's eastern-most province of Papua. UPDATE 1-UK Stocks-Factors to watch on Oct 18 (UKX, FLYB, HFG, SBRY, TSCO, RIO, BHP, BLT, RIO)Reuters 5d. Rio Tinto Under Pressure After Being Charged With Fraud RTTNews 5d.

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The Charmed Existence of the Non-Executive Director

RIO

Last week, Rio Tinto Plc was accused of fraud by the U.S. Securities and Exchange Commission in relation to the disclosure and timing of a $2.9 billion impairment charge on its Mozambique coal operations in its 2012 accounts. Rolls-Royce Plc conducted a similar exercise last year, revising its 2015 numbers to similar effect. They already have to sign off on the financial statements as members of the board. The Financial Reporting Council, which is supposed to police company accounts, can't even sanction a director unless he or she is also a member of the accountancy profession, and not all are.

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Rio Tinto Downgraded by RBC

RIO

RBC Capital Markets has downgraded Rio Tinto (RIO. AU) to sector perform (from outperform) as it says the strong balance sheet and high quality growth projects are already factored into the mining giant's share price. BHP at 13.0x in FY18E and 12.4x in FY19E) and P/NAV (1.0x vs. Shares in Rio Tinto are up 15.6% year to date compared to BHP Billiton's gain of 5.7%.

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barrons.com
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Rio Tinto to exit coal market in mine sell-off

RIO

The Australian-British global miner Rio Tinto has opened its books to more than a half-dozen potential buyers of its remaining two Australian coal mines as it winds down the sales process, two people familiar with the matter, who spoke on condition of anonymity due to the sensitive nature of the deal, said on Friday. Rio sold its Coal & Allied mining division to Yancoal Australia, a subsidiary of China's Yanzhou Coal Mining Co, for $2.69 billion in June. The US Securities and Exchange Commission on Tuesday charged Rio and two former executives with fraud, saying they inflated the value of Mozambican coal assets and concealed critical information while tapping the market for billions of dollars. Rio in 2011 made a disastrous $3.7 billion investment to develop metallurgical coal assets in Mozambique and propel itself to the upper ranks of global suppliers, only to write off more than $3 billion on the deal two years later due to logistical problems.

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globaltimes.cn
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Premier Horgan and Rio Tinto Celebrate First Year of Full Production at BC Works

RIO

11:32:48 PM EDT 10/20/2017. Premier Horgan and Rio Tinto Celebrate First Year of Full Production at BC Works. Premier Horgan and Rio Tinto Celebrate First Year of Full Production at BC Works. The totem pole will stand at BC Works facing the ocean to mark a new era in the long lasting partnership with the Haisla people. " A highlight of the celebration was the blessing of a hand carved totem pole by Hereditary Hailsa Nation Chief Sammy Robinson.

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Premier Horgan and Rio Tinto Celebrate First Year of Full Production at BC Works

RIO

11:32:48 PM EDT 10/20/2017. Premier Horgan and Rio Tinto Celebrate First Year of Full Production at BC Works. Premier Horgan and Rio Tinto Celebrate First Year of Full Production at BC Works. The totem pole will stand at BC Works facing the ocean to mark a new era in the long lasting partnership with the Haisla people. " A highlight of the celebration was the blessing of a hand carved totem pole by Hereditary Hailsa Nation Chief Sammy Robinson.

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Former Rio finance chief quits panel amid fraud charges

RIO

The former chief financial officer of Rio Tinto has resigned from Britain’s Takeover Panel as he faces fraud charges in the United States over a disastrous $3.7 billion coal deal. Guy Elliott has left after five years “to focus his attention on legal proceedings”, the panel said. Mr Elliott’s departure from the panel that oversees acquisitions and mergers was confirmed 48 hours after Royal Dutch Shell said that he had resigned from its board after seven years. This week the US Securities and Exchange Commission charged him, the mining group and Tom Albanese, its former chief executive, over allegations that they had concealed the true value of an acquisition.

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thetimes.co.uk
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DAILY BRIEFING: Ex Rio Tinto financial chief steps down

RIO

FRAUD CHARGE Former Rio Tinto chief financial officer Guy Elliott has stepped down from the UK Takeover Panel after fraud charges in the US. DAILY BRIEFING: Ex Rio Tinto financial chief steps down from UK Takeover Panel after fraud charges. Alphabet, which gets most of its money from Google’s digital ad network, is leading an £800m investment in Lyft that values the privately held company at over £8 billion. BACKING HAILED Google’s parent company Alphabet is throwing its financial muscle behind ride-hailing service Lyft – deepening its rift with market leader Uber in which it is a leading shareholder.

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thisismoney.co.uk
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Rio Tinto wants out of Grasberg now

RIO

Freeport's iconic Grasberg mine in Papua is forecast to produce 450 000 tonnes of copper and 1.6m ounces of gold in 2017. While Phoenix-based Freeport McMoRan remains at loggerheads with the Indonesian government over selling a majority stake in its Grasberg mine in the remote Papua province, Rio Tinto is reported to be seeking an out sooner rather than later. Bloomberg reports Melbourne-based Rio has held talks with a number of Indonesian groups about exiting its interest in the Grasberg mine which this year is on track to produce more than 450,000 tonnes of copper (compared to Rio's target of around 470,000 tonnes in 2017 across its operations) and a staggering 1.6m ounces of gold. Last year, Freeport offered a 10.6% stake in PT-FI that valued Grasberg at $16.2 billion. Freeport has been mining at Grasberg since the early 1970s and currently owns just over 90% of the local subsidiary PT-FI operating the mine.

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mining.com
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This Week In Securities Litigation

RIO

SEC Enforcement – Filed and Settled Actions. The Commission filed a financial fraud action against mining giant Rio Tinto and its former CEO and CFO. The complaint alleges that over a two year period beginning in 2013 Accelera falsely inflated its revenues by including those of Synergistic based on a claim it had acquired the firm. Respondent Mergenet is a Florida based firm engaged in the development of medical devices for pulmonary and respiratory conditions.

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jdsupra.com
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