US judge narrows investor lawsuit against Rio Tinto over Mongolian mine – by Jonathan Stempel (Reuters – November 7, 2024)

https://www.reuters.com/

NEW YORK, Nov 7 (Reuters) – A U.S. judge on Thursday dismissed some claims in a lawsuit accusing Rio Tinto and its former CEO Jean-Sebastien Jacques of defrauding investors by concealing problems developing the $5.3 billion Oyu Tolgoi copper and gold mine in Mongolia.

U.S. District Judge Lewis Liman in Manhattan addressed recently added claims that Rio Tinto knowingly concealed how it would miss a deadline for “draw bell” blasting, a key milestone, while Jacques hid delays and associated cost overruns.

In a 40-page decision, Liman dismissed the claim against Rio Tinto because it was Turquoise Hill Resources, which owned 66% of the mine with Mongolia owning the rest, that said the draw bell schedule was on track.

For the rest of this article: https://www.reuters.com/legal/us-judge-narrows-investor-lawsuit-against-rio-tinto-over-mongolian-mine-2024-11-07/