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Steel price talks on despite Rio Tinto arrest: trade ministry
Beijing (AFP) July 15, 2009 Negotiations between China's steel mills and foreign iron ore producers are continuing, a government spokesman said Wednesday, despite the arrest of Rio Tinto's point man here. "As far as we know, iron ore price talks are still going on," commerce ministry spokesman Yao Jian told journalists. "Given that iron ore prices are continuing to rise sharply... it is justified for Chinese steel companies, led by the China Steel Manufacturers Association, to engage in iron ore price talks to get a rational price." An unnamed official with the association also said Monday that talks had not been suspended after Rio Tinto executive Stern Hu, an Australian passport-holder, was arrested along with three Chinese colleagues. China's foreign ministry has said investigators have proof the four stole state secrets, endangered national security and caused China to suffer huge economic losses. Security officials, in a statement published by China's state-run media, accused Hu and the others of plying Chinese steel executives with bribes in exchange for industry information. The state-run China Daily on Wednesday carried a front-page article alleging that Rio Tinto had bribed executives from all 16 of China's major steel mills. Rio Tinto had no immediate comment to that allegation. Australian Foreign Minister Stephen Smith said the Chinese government had confirmed Hu's detention on July 5 was linked to the iron ore talks. Share This Article With Planet Earth
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Canadian firms in deal on Argentine minesToronto (UPI) Jul 14, 2009 A pair of Canadian companies has entered into talks concerning a split of interest in a northwestern Argentine region that one of the firms said may be the "next significant zinc camp in South America." Latin American Minerals Inc. and Cadillac Ventures Inc., which both have headquarters in Toronto, said their talks consider a 50-50 interest in the Tendal VMS Project in Argentina. ... read more |
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