News Wrap

IN News Wrap today: US regulators ramp up Rio Tinto fraud claims; Cost inflation starts to creep back into metals and mining; Agarwal plans to keep his Anglo American stake for a long time.

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US regulators ramp up Rio Tinto fraud claims

The US Securities and Exchange Commission has stepped up its rhetoric in the Mozambique fraud case against Rio Tinto and former executives Tom Albanese and Guy Elliott, repeating allegations of deception and urging the case judge to ignore Rio’s requests for the case to be thrown out, reports The Australian.

In letters filed with the US District Court of Manhattan this week, the SEC said its allegations of fraud were adequate, countering January 16 letters on behalf of Rio and the executives that the case, which alleges a US$3.7 billion impairment of Rio’s Mongolian coal assets was deliberately delayed, should be dismissed.

“Rio Tinto, A...