Rio Tinto Investigating Allegations of Corruption. 

An American/Australian mining company is investigating allegations of corruption at its copper mine in Mongolia. According to a report on mining.com (a website covering the mining industry), Rio Tinto is investigating procurement-related corruption at the Oyu Tolgoi Mine, which it and the Mongolian government jointly own.  According to a Reuters report, earlier this year, Rio Tinto agreed to pay a $135 million fine to a group of investors who sued the company over defrauding investors regarding the expansion of Oyu Tolgoi.  The two hedge funds, Pentwater and Turquoise Hill, that owned stakes in Rio Tinto at the time believed that, despite Rio Tinto’s assurances that the mine was on schedule and budget, the mine renovation was actually over budget by $1.9 billion. It is unclear what will happen next, but this will be a significant financial blow for the company.