Rio Tinto
Rio Tinto is a leading international mining group. The Group's major products include aluminium, copper, diamonds, energy products, gold, industrial minerals (borates, titanium dioxide, salt and talc), and iron ore.
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China accuses Rio of six-year "commercial espionage" program
An official Chinese website has accused Rio Tinto of executing a six-year program of commercial espionage robbing China of US$123bn in elevated iron-ore costs.
The announcement destroys hopes that the four Rio employees being held in Shanghai will escape conviction. Rio managers have been unable to see Mr Hu, the former head of iron-ore sales in China, or to learn the whereabouts of the Chinese staff members arrested with him.
The report, an editorial published on a website of China's National Administration for the Protection of State Secrets, sites "large amounts of intelligence data found on Rio Tinto computers" accusing the Anglo-Australian miner of ''gaining things by deceit''.
The article goes on to say: "Our country has already entered a peak period of a commercial espionage war," calling for a new regulatory framework for the supervision of foreign companies in China.
The sum US$123bn, which the report points out is 10 percent of Australia's GDP, is in fact more than Rio's total iron ore sales to China over that period. Rio continues to deny wrongdoing, but has not made any comment on the new allegations.
Rio shares in Australia and London dropped by more than 2 percent this morning.
Other Rio Tinto news
- Rio first half profits fall 65pct, in-line with expectations
2009-08-21 - Police detain Shougang executive in Rio espionage probe
2009-07-10 - Rio Tinto employees arrested amid reports of Chinese climbdown in iron-ore negociations
2009-07-08 - Rio BHP deal highlights strategic importance of seaborne iron ore
2009-06-10 - Rio Tinto calls off sale of borates business
2009-05-23
