rio tinto representative office in shanghai, four employees were detained by the police

July 8, 2009

Rio Tinto representative office in Shanghai, four employees were detained by the police

Filed under: Financial News — Tags: representative — lily @ 12:24 pm -0700

Rio Tinto representative office in Shanghai, four employees were detained by the police
China detained the British – Australian mining giant Rio Tinto’s representative office in Shanghai, four employees. This morning, this reporter connected Rio Tinto, they confirmed this and said that China is assisting the police investigation of the causes of the incident.

According to U.S. media reports, July 5, was taken away by the Shanghai Municipal Police of four employees in Rio Tinto’s Shanghai office. The office is in Rio Tinto, one of China’s major centers and is the company’s sales and marketing in China, the home base of iron ore.

Reported that one of them is a Rio Tinto iron ore sector, general manager of China operations Stern Hu, Australian passport holders. Is still not able to obtain the names of the other three employees, but three are holding Chinese passports.

This morning, Rio Tinto Group in a statement to the press confirmed that the company has four employees were detained by the police and Shanghai has been asked to accept. Rio Tinto’s statement that it is not clear the reasons for the police, but their intention to cooperate fully with the police is prepared to take any investigative activities. Rio Tinto is seeking to clarify the incident.

In addition, Rio Tinto spokesman Mark Cuban also said that four employees were detained, the company has been unable to contact them. Employees of these companies are worried about the situation, is to take all possible measures to help them and their families.

At the same time, the Australian government spokesman in Washington said this morning: “We are in Beijing, Embassy and Consulate General in Shanghai is seeking to confirm July 5, 2009 an Australian man was detained in Shanghai, China reported that the departments concerned and to seek, through emergency contact their consular channels. ”

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Shanghai police detained the incident position

This morning, the Shanghai Public Security Bureau of Public Information Branch related back said staff have been asked more than the media, but the leadership of the news has just learned that it takes time to carry out relevant work, and further back to wait for some time. As to the reasons for detention of the staff were not disclosed.

Subsequently, the reporters were at the detention center and the Xuhui District, Shanghai Jing’an District Detention Center. Xuhui District Detention Center staff, said: “We can not tell whether the powerful extension of the detention center staff. You are going to ask the company Rio Tinto.” Jing’an District Detention Center staff, said: “If the detainees, their families will receive notice, notice on will set out the reasons for detention. ”

Media speculation

Rio Tinto ad to staff being detained?

Analysis of the U.S. media said that before the aluminum company plans to acquire 19.5 billion U.S. dollars worth of shares in Rio Tinto.

However, the final choice of Rio Tinto, through a placement and the formation of BHP Billiton’s iron ore joint venture approach to the financing to repay its huge debts.

Therefore the media analysis, both the transaction fell through, making China and the relationship between Rio Tinto became tense. However, Rio Tinto, a management person said that the company’s transactions result in abortion of their employees, said that detainees suspected.

Events

Exacerbated tensions ore negotiations?

Another British media that, in the company’s iron ore price in tough negotiations, this exacerbated the tensions.

Analysis, despite the failed deal, but Rio Tinto and China still have a relationship of interdependence. China needs iron ore to smelting iron and steel and other metals, is the largest of Rio Tinto iron ore customers. Both the ongoing annual iron ore price negotiations.

Reported that China’s Iron and Steel Institute adhere to the requirements of the agreement this year, prices should be at least 40 percent lower than last year. However, Japan and South Korea’s major steel companies have been in accordance with the price 28% -33% of the price of iron ore supply agreement was reached, the price of Rio Tinto will be regarded as industry benchmarks.

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