Word: tinto
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Sometime in the afternoon of July 5, agents from the Shanghai State Security Bureau - the agency that pursues cases of espionage within China - arrested and detained Stern Hu, an Australian citizen who is a senior Shanghai-based executive for Anglo-Australian mining giant Rio Tinto. Three of Hu's deputies, who are Chinese, were also detained that day. On July 8, Rio confirmed that Hu and his colleagues had been detained on suspicion of selling "state secrets." The Chinese government confirmed the detentions only on July 9, and the Australian Consulate in Shanghai said its representatives would be able...
...good it did him. On June 5, Rio Tinto told Chinalco that their deal would not go through after all. It would, instead, float a rights issue to raise money needed to pay down a massive debt load, as well as enter into a joint venture with BHP Billiton - the mining giant that last year tried to buy Rio outright. Xiong, in a statement issued by Chinalco, simply said he was "disappointed" at the outcome...
...last four months doing something no other CEO of a state-owned Chinese company had ever done. He campaigned - in an open, very western way - to gain approval in Australia for what would have been China's largest foreign investment ever: a proposed $19.5 billion stake in Rio Tinto, the world's second largest mining company. The deal would have given Chinalco roughly an 18% stake in Rio, as well as outright control of some valuable copper and iron ore mines. Xiong travelled to Australia in March and made television appearances to plead his case. He pressed the flesh with...
...Even though the economic rational for nixing the deal muted criticism in China today, the way it went still stings in Beijing. If a private sector company in the west had proposed buying a minority stake in Rio Tinto, would the Australian review process have taken as long? Or it would it have been waived through much more quickly - before commodity prices recovered? Now, far from gaining access to a giant iron ore reserves, Chinalco has to watch the two biggest producers in the world - BHP and Rio - do a joint venture with their reserves in the famed Pilbara region...
...Chinese mineral firm Chinalco has bought into metals giant Rio Tinto (RTP) which raised concerns with the U.S. and Australian governments about whether they want a foreign nation to have such a large stake in a company which supplies commodities to major corporations all over the world. (See pictures of China's rebuilding efforts...