Rio Tinto Agrees to Pay Nearly $139 Million to Settle Mongolia Copper Mine Lawsuit

By Rhiannon Hoyle

Rio Tinto agreed to pay $138.75 million to resolve a class-action lawsuit that alleged the company concealed problems during the expansion of a giant copper mine in Mongolia.

The plaintiffs in the lawsuit, led by Pentwater Capital Management, alleged the company misrepresented and omitted information about the expansion of the Oyu Tolgoi mine, which ran years late and nearly $2 billion over budget.

The case was filed in the U.S. District Court for the Southern District of New York in 2020, alleging violations of federal securities laws. The proposed settlement was filed Wednesday and is subject to the court's approval.

Rio Tinto, the world's second-biggest miner by market value, said in emailed remarks that it "welcomes the proposed resolution of this class action on appropriate and reasonable terms."

The company agreed to the settlement without any admission of liability. "Rio Tinto and the individual defendants vigorously deny all allegations of wrongdoing, fault, liability or damages," the company said. Rio Tinto's former chief executive, Jean-Sebastien Jacques, who stepped down in 2021, was among the defendants named in the suit.

Pentwater Capital Management couldn't immediately be reached for comment.

Write to Rhiannon Hoyle at [e-mail]

(END) Dow Jones Newswires

06-18-25 2311ET