ASIC is taking legal action against Rio Tinto and two former executives over an African coal investment.

The competition regulator has confirmed it has commenced proceedings against the mining giant, its former chief executive Tom Albanese and former chief financial officer Guy Elliott, alleging misleading or deceptive statements were made about the reserves and resources of a Mozambique coal investment in the 2011 annual report signed by Mr Albanese and Mr Elliott.

Rio bought the Riversdale Mining company in Mozambique for $US3.7 billion ($4.77 billion) in 2011.

It took an impairment charge of over $US3 billion ($3.9 billion) against the assets in 2013, leading Mr Albanese to resign as chief executive.

Rio Tinto says it will respond to ASIC's filing after it has considered the allegations in full.

Rio Tinto and the former executives are also facing fraud charges from the Securities and Exchange Commission (SEC) in the US over claims they overstated the value of the investment.

Rio Tinto, Mr Albanese and Mr Elliott have denied the SEC's allegations.

The company reached a settlement with the Financial Conduct Authority in the UK last year, paying a 27 million pound fine following claims it breached disclosure rules in relation to the Mozambique assets.