Rio Tinto CEO Tom Albanese, right, watches as his mother, Rosemarie Helm, gavels the market closed. Photo: Richard Drew / AP

The U.S. Securities and Exchange Commission has accused Rio Tinto, one of the world's largest mining companies, and two former executives of misleading shareholders. The SEC says the UK-listed company overstated the value of a Mozambique coal mine it bought for $3.7 billion in 2011, per CNN Money. FT's Neil Hume called it "one of the worst mining deals of the decade-long commodities boom."

The allegations: The SEC alleged the company learned the value was far less about a year after the deal, but did not disclose the revelation to shareholders until 2013. The U.K. Financial Conduct Authority called Rio Tinto's failure to revalue the mine "a serious lack of judgment." Rio Tinto said it would "vigorously defend itself" in the SEC case. It settled with the FCA and is paying about $36 million. The company sold the mine in 2014 for $50 million.

Go deeper

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9:45 p.m. ET: 19,282,972 — Total deaths: 718,851 — Total recoveries — 11,671,491Map.
  2. U.S.: Total confirmed cases as of 9:45 p.m. ET: 4,937,441 — Total deaths: 161,248 — Total recoveries: 1,623,870 — Total tests: 60,415,558Map.
  3. Politics: Trump says he's prepared to sign executive orders on coronavirus aid.
  4. Education: Cuomo says all New York schools can reopen for in-person learning.
  5. Public health: Surgeon general urges flu shots to prevent "double whammy" with coronavirus — Massachusetts pauses reopening after uptick in coronavirus cases.
  6. World: Africa records over 1 million coronavirus cases — Gates Foundation puts $150 million behind coronavirus vaccine production.

Warren and Clinton to speak on same night of Democratic convention

(Photos: Abdulhamid Hosbas/Anadolu Agency via Getty Images, Sean Rayford/Getty Images)

Sen. Elizabeth Warren and Hillary Clinton both are slated to speak on the Wednesday of the Democratic convention — Aug. 19 — four sources familiar with the planning told Axios.

Why it matters: That's the same night Joe Biden's running mate (to be revealed next week) will address the nation. Clinton and Warren represent two of the most influential wise-women of Democratic politics with the potential to turn out millions of establishment and progressive voters in November.

Trump considering order on pre-existing condition protections, which already exist

Photo: Jim Watson/AFP via Getty Images

President Trump announced on Friday he will pursue an executive order requiring insurance companies to cover pre-existing conditions, something that is already law.

Why it matters: The Affordable Care Act already requires insurers to cover pre-existing conditions. The Trump administration is currently arguing in a case before the Supreme Court to strike down that very law — including its pre-existing condition protections.