Does Rio Tinto have a case to make for damages -- over the impact of the rigging of the Libor interest rate (London Interbank Offered Rate) by Barclays and other banks -- on the $US40 billion debt burden taken on to finance the takeover of Alcan in 2007?

Rio Tinto, the world's third largest mining company spent about $US40 billion buying Alcan ($A44 billion at the time). It almost sent the company broke and has seen billions of dollars in assets sold off and an asset write-down of $US9 billion in the 2011 financial year. The funding for Alcan was based on the Libor rate and was in place until the end of 2010 when it was finally repaid or refinanced.