Rio Tinto’s New Attempts

- August 27th, 2009

Iron Investing News reports Rio Tinto’s new attempts securing its supply of iron ore. The head of Rio Tinto PLC is trying to repair his company’s troubled relationship with China following the arrest of four Rio executives in a corporate espionage scandal and the collapse of a US$19.5-billion investment deal with a state-backed Chinese mining … Continued

Iron Investing News reports Rio Tinto’s new attempts securing its supply of iron ore.

The head of Rio Tinto PLC is trying to repair his company’s troubled relationship with China following the arrest of four Rio executives in a corporate espionage scandal and the collapse of a US$19.5-billion investment deal with a state-backed Chinese mining firm.

Tom Albanese says he is “disappointed” that Rio failed to complete the agreement with Aluminum Corp of China (Chinalco). Rio opted instead for a $15-billion stock sale to raise desperately needed capital, and for an iron ore joint venture with rival and former suitor BHP Billiton Ltd that drew criticism from Chinese bureaucrats.

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