Latest news with #JeanSebastienJacques
Daily Mail
2 days ago
- Business
- Daily Mail
Rio Tinto to pay £103m to settle fraud claims lawsuit involving Mongolian copper and gold mine
By DAILY MAIL CITY & FINANCE REPORTER Updated: 22:00 BST, 19 June 2025 Rio Tinto will pay £103m to settle a lawsuit, without admitting liability, after being accused of defrauding investors by hiding issues in a £5.2bn scheme at a Mongolian copper and gold mine. Shareholders of Canadian company Turquoise Hill Resources sought damages for a period when it was majority-owned by Rio. The settlement also resolved claims against former chief executive Jean-Sebastien Jacques. Settlement: Rio Tinto had been accused of defrauding investors by hiding issues in a £5.2bn scheme at a Mongolian copper and gold mine DIY INVESTING PLATFORMS Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence. Compare the best investing account for you
Yahoo
2 days ago
- Business
- Yahoo
Rio Tinto agrees to $138.75m settlement for Oyu Tolgoi project in Mongolia
Rio Tinto has agreed to pay $138.75m (£103.39m) to settle a lawsuit alleging the company defrauded investors by hiding problems with its Oyu Tolgoi mine expansion in Mongolia, according to a Reuters report. The preliminary settlement, subject to judicial approval, was filed with the US District Court in Manhattan. The class action lawsuit represented shareholders of Turquoise Hill Resources from July 2018 to July 2019, when Rio Tinto held a majority stake. Funds advised by Pentwater Capital Management led the shareholders, claiming Rio Tinto and Turquoise Hill falsely assured the mine was "on plan" and "on budget", despite significant delays and budget overruns. Turquoise Hill, which owns 66% of the Oyu Tolgoi mine, with the remaining 34% owned by the Mongolian Government, has now been fully integrated into Rio Tinto's copper portfolio following a $3.3bn (C$4.53bn) acquisition in 2022. Rio Tinto announced a potential $1.9bn cost overrun in 2019, with total capital expenditures estimated at between $6.5bn and $7.2bn. The lawsuit was partly based on allegations by whistleblower Richard Bowley, a former employee at the mine, who claimed the company was aware of the expansion issues before they were publicly disclosed. Former Rio Tinto CEO Jean-Sebastien Jacques, who resigned in March 2021, is also included in the settlement. All defendants have denied any wrongdoing, stating the settlement was reached to avoid the uncertainties and costs of continued litigation. Rio Tinto spokesperson said: "The proposed settlement has been concluded without any admission by Rio Tinto or the individual defendants.' Shareholder lawyers are seeking legal fees of up to 13% of the settlement amount, approximately $18m, plus up to $2.6m for expenses. In related news, Rio Tinto has inaugurated the Western Range iron ore mine in partnership with China Baowu Group. The Western Australia mine, a $2bn (A$3.09bn) joint venture, is expected to sustain the Paraburdoo mining hub for around 20 years with a production capacity of up to 25 million tonnes per annum. "Rio Tinto agrees to $138.75m settlement for Oyu Tolgoi project in Mongolia" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
2 days ago
- Business
- Yahoo
Rio Tinto agrees to $138.75m settlement for Oyu Tolgoi project in Mongolia
Rio Tinto has agreed to pay $138.75m (£103.39m) to settle a lawsuit alleging the company defrauded investors by hiding problems with its Oyu Tolgoi mine expansion in Mongolia, according to a Reuters report. The preliminary settlement, subject to judicial approval, was filed with the US District Court in Manhattan. The class action lawsuit represented shareholders of Turquoise Hill Resources from July 2018 to July 2019, when Rio Tinto held a majority stake. Funds advised by Pentwater Capital Management led the shareholders, claiming Rio Tinto and Turquoise Hill falsely assured the mine was "on plan" and "on budget", despite significant delays and budget overruns. Turquoise Hill, which owns 66% of the Oyu Tolgoi mine, with the remaining 34% owned by the Mongolian Government, has now been fully integrated into Rio Tinto's copper portfolio following a $3.3bn (C$4.53bn) acquisition in 2022. Rio Tinto announced a potential $1.9bn cost overrun in 2019, with total capital expenditures estimated at between $6.5bn and $7.2bn. The lawsuit was partly based on allegations by whistleblower Richard Bowley, a former employee at the mine, who claimed the company was aware of the expansion issues before they were publicly disclosed. Former Rio Tinto CEO Jean-Sebastien Jacques, who resigned in March 2021, is also included in the settlement. All defendants have denied any wrongdoing, stating the settlement was reached to avoid the uncertainties and costs of continued litigation. Rio Tinto spokesperson said: "The proposed settlement has been concluded without any admission by Rio Tinto or the individual defendants.' Shareholder lawyers are seeking legal fees of up to 13% of the settlement amount, approximately $18m, plus up to $2.6m for expenses. In related news, Rio Tinto has inaugurated the Western Range iron ore mine in partnership with China Baowu Group. The Western Australia mine, a $2bn (A$3.09bn) joint venture, is expected to sustain the Paraburdoo mining hub for around 20 years with a production capacity of up to 25 million tonnes per annum. "Rio Tinto agrees to $138.75m settlement for Oyu Tolgoi project in Mongolia" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Wall Street Journal
02-06-2025
- Business
- Wall Street Journal
Rio Tinto Agrees to New Management Plan in Area Where It Destroyed Ancient Caves
SYDNEY—Rio Tinto has agreed to a new management plan with a local indigenous group that covers its iron-ore operations in an area of Australia's Pilbara region where it destroyed two ancient rock shelters five years ago. The destruction of the Juukan rock shelters in 2020 led to the departure of several senior Rio Tinto executives, including then CEO Jean-Sébastien Jacques. It showed how environmental and cultural issues have taken center stage in an industry that is fighting to change investors' perceptions that mining is problematic.
