{"id":5154,"date":"2025-06-25T15:32:05","date_gmt":"2025-06-25T14:32:05","guid":{"rendered":"https:\/\/intsin.pl\/?post_type=news&#038;p=5154"},"modified":"2025-06-19T15:33:34","modified_gmt":"2025-06-19T14:33:34","slug":"5150","status":"publish","type":"news","link":"https:\/\/intsin.pl\/en\/news\/5150\/","title":{"rendered":"Mining giant pays compensation over allegations of covering up issues at Mongolian mine"},"content":{"rendered":"\n<p>Mining company <strong>Rio Tinto<\/strong> has agreed to pay <strong>$138.75 million<\/strong> to settle a class-action lawsuit accusing it of misleading investors about the $7 billion expansion of the <strong>Oyu Tolgoi<\/strong> copper-gold mine in Mongolia.<\/p>\n\n\n\n<p>The proposed settlement was filed in the U.S. District Court in Manhattan late Wednesday. It still requires judicial approval.<\/p>\n\n\n\n<p>The lawsuit covered investors in <strong>Turquoise Hill Resources<\/strong>, based in Montreal, during the period from July 2018 to July 2019, when Rio Tinto held a controlling stake in the company. The investor group was led by funds advised by <strong>Pentwater Capital Management<\/strong> of Chicago.<\/p>\n\n\n\n<p>The settlement also dismisses claims against former Rio Tinto CEO <strong>Jean-S\u00e9bastien Jacques<\/strong>, who left the company in March 2021.<\/p>\n\n\n\n<p>All defendants denied any wrongdoing but agreed to settle to avoid legal uncertainty, costs, and prolonged litigation. A Rio Tinto spokesperson said the agreement was reached on \u201cfair and reasonable terms\u201d and does not represent an admission of guilt.<\/p>\n\n\n\n<p><strong>Turquoise Hill<\/strong> held a 66% stake in the Oyu Tolgoi mine, while the remaining 34% belonged to the Mongolian government. Plaintiffs alleged that <strong>Rio Tinto<\/strong> and <strong>Turquoise Hill<\/strong> falsely claimed the mine\u2019s construction was on schedule and within budget, when in fact it was delayed by 2.5 years and nearly $2 billion over budget.<\/p>\n\n\n\n<p>In 2022, <strong>Rio Tinto<\/strong> purchased all outstanding shares of <strong>Turquoise Hill<\/strong> for <strong>$3.3 billion<\/strong>, fully integrating the mine into its copper operations.<\/p>\n\n\n\n<p>The lawsuit partly relied on whistleblower testimony from <strong>Richard Bowley<\/strong>, who worked at the mine and alleged that Rio Tinto was aware of expansion issues long before they were publicly disclosed.<\/p>\n\n\n\n<p>The company publicly acknowledged the cost overrun only in 2019, when the project\u2019s price tag rose to <strong>$6.5\u2013$7.2 billion<\/strong>.<\/p>\n\n\n\n<p>Investor attorneys plan to request up to <strong>13%<\/strong> of the settlement amount\u2014around <strong>$18 million<\/strong>\u2014as a fee, plus up to <strong>$2.6 million<\/strong> for expenses.<\/p>\n","protected":false},"featured_media":5152,"template":"","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mining giant pays compensation over allegations of covering up issues at Mongolian mine - Intsin<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/intsin.pl\/?post_type=news&p=5150\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mining giant pays compensation over allegations of covering up issues at Mongolian mine - Intsin\" \/>\n<meta property=\"og:description\" content=\"Mining company Rio Tinto has agreed to pay $138.75 million to settle a class-action lawsuit accusing it of misleading investors about the $7 billion expansion of the Oyu Tolgoi copper-gold mine in Mongolia. The proposed settlement was filed in the U.S. District Court in Manhattan late Wednesday. It still requires judicial approval. 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The proposed settlement was filed in the U.S. District Court in Manhattan late Wednesday. It still requires judicial approval. 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