https://www.miningweekly.com

UK Serious Fraud Office opens Rio Tinto investigation

25th July 2017

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – The UK Serious Fraud Office (SFO) has opened an investigation into suspected corruption by mining major Rio Tinto in its business dealings in Guinea.

The miner in late 2016 alerted the SFO and the US Department of Justice to a $10.5-million payment to a consultant for the Simandou iron-ore project. The miner subsequently terminated the contracts of energy and minerals chief Alan Davies and legal and regulatory affairs group executive Debra Valentine.

The Australian Federal Police in March this year also launched an investigation into the payment.

Rio Tinto in October last year signed a nonbinding agreement to sell its stake in the long-stalled Simandou project to Chinese partner Chinalco. The  deal is valued at between $1.1-billion and $1.3-billion, based on the timing of the development of the project.

The Simandou project is one of the world's largest untapped resources of high-grade iron-ore used in the steelmaking process.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
M and J Mining
M and J Mining

M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.103 0.136s - 90pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: