Rio facing class action in the U.S. over Mozambique coal mine

Seattle-based law firm Hagens Berman Sobol Shapiro LLP released a statement saying it filed a suit on behalf of purchasers of Rio Tinto American Depositary Receipts between Oct. 23, 2012 and Feb. 15, 2013 in the U.S. District Court for the Southern District of New York. The action has been filed against Rio Tinto (ASX,[…]

Coking coal price finally breaks fall

On Friday, Chinese traders returned to financial markets after the lunar new year break welcomed by a surprise interest rate announcement from the People’s Bank. It’s the latest sign that Beijing’s  stimulus efforts are coming to a close and that stoking economic growth is no longer the number one priority. Friday’s Caixin manufacturing PMI reading[…]

SEC said to be probing Rio Mozambique coal deal

The US Securities and Exchange Commission is investigating a massive writedown booked by world number two miner Rio Tinto on a coal deal in Mozambique according to news reports. Rio Tinto acquired the Benga mine and other coal projects in the Southern African country’s Tete province in 2011, after buying Australia’s Riversdale Mining for $3.7[…]

Met coal price surge could revive giant Mozambique project

The stunning rise in the price of coking coal shows now signs of reversing, and the nearly three-fold rise in the price of the steelmaking raw material since hitting multi-year lows in November appears to be breathing new life into long-shelved projects. Benchmark Australian export metallurgical coal was exchanging hands at $213.20 on Friday, up[…]