https://www.engineeringnews.co.za

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 Contract Publishing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

ABB Electrification
ABB Electrification

Electrifying the world in a safe, smart, and sustainable way, ABB Electrification is a global technology leader in electrical distribution and...

VISIT SHOWROOM 
EKATO Africa
EKATO Africa

Established in 1933, EKATO is the world leader in agitation technology, supplying agitators for processes and applications such as chemicals and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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







301

sq:0.054 1.057s - 140pq - 2rq
Subscribe Now