Latest Rio Tinto espionage case Stories
Mining giant Rio Tinto, four employees of which are held in China, faced a new accusation its commercial spying cost China more than $100 billion in six years. The accusation, contained in an article on a Web site affiliated with the Chinese state secrets watchdog, said the Anglo-Australian company, a major supplier of iron to Chinese steel mills, engaged in commercial spying for more than six years. The Chinese agency said data on Rio Tinto's computers showed the espionage came at a huge...
Employees of the British-Australian mining conglomerate Rio Tinto engaged in commercial espionage for at least six years, Chinese officials said Sunday. The allegations published Sunday on a Web site affiliated with China's State Secrets Bureau regarding four detained Rio Tinto employees were the first indication Chinese authorities believe the men conspired in a long-running spying operation, The New York Times reported. The Rio Tinto employees were arrested last month in Shanghai, accused...
Rio Tinto employees allegedly bribed 16 Chinese steel mill executives, a source said in the widening investigation of the Anglo-Australian mining company. The accused executives were bribed during iron ore price talks, China Daily reported Wednesday quoting the source identified as an industry insider. China is the world's largest steelmaker and Rio Tinto is one of its major iron ore suppliers.
Chinese authorities have detained an Australian executive of international mining firm Rio Tinto on suspicion of espionage, the Australian government said. Foreign affairs minister Steven Smith said Stern Hu, an Australian citizen, was being held in China and could face criminal prosecution.
Mining giant Rio Tinto said Friday said it had broken off a politically unpopular $19.5 billion deal with the Chinese government-owned Chinalco. Xiong Weiping, president of Chinalco, the state-owned Aluminum Corp.
The sluggish world economy has claimed a major iron ore port project in Uruguay for the time being, government officials said Tuesday. Rio Tinto, a major Anglo-Australian mining concern, said it will hold off on the $320 million project for at least one year, the Latin American Herald Tribune reported. Transportation and Public Works Ministry officials said the project would be completed once the global economy recovers.
British-Australian mining company Rio Tinto said it would it would cut its workforce by 14,000, due to the global economic downturn. The job cuts include 8,500 contracted positions, The New York Times reported Wednesday. The company said unprecedented rapidity and severity of the global economic downturn had reduced the demand for raw materials.
What goes up must come down. After a record-breaking 10-year boom for commodities, it was inevitable that prices would have to retreat -- especially in the face of global financial turmoil and sagging economic growth.