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Chinalco-Rio Tinto Post Mortem [Copy link] 中文

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Post time 2010-3-15 02:13:32 |Display all floors
The Chinese government released the following conclusion on the collapse of the Chinalco-Rio Tinto deal. Basically, China accepts that economic forces were behind the collapse.

Going forward, China needs to formulate a strategy to deal with the global duopoly, one of which is BHP Billiton - Rio Tinto. White Australian forces masterminded that to squeeze China for all it is worth. My suggestion is to put white Australia last on every deal, make them work hard for it, or they will be every bit as arrogant and conceited.

This conclusion should clear the way for a speedy release of Stern Hu, who shouldn't be working in China anymore. He will lose his advantage over his white Australian co-workers and internal office politics will soon sideline him.

Another thing: white Australia is expanding its ASIO and ASIS departments, no doubt with a view to targeting China and Chinese to keep  us behind. You simply cannot take a sanguine view of the mutual relationship, doesn't work like that.

China clears Australia, miner
JOHN GARNAUT, BEIJING
March 15, 2010

A CHINESE government post-mortem into the collapse of the $US19.5 billion ($A21.3 billion) Chinalco-Rio Tinto investment deal has exonerated the Australian Government and the Anglo-Australian miner.

Instead, it accepts the prevailing view in Australia that ordinary economic forces killed what would have been China's biggest foreign investment deal.

''Objectively speaking, the failure of the merger between Chinalco and Rio Tinto lies in the rapid recovery of the world resources market, including the related stockmarket, which was beyond everyone's expectations,'' says the lengthy report to the State Council, or China's cabinet, seen by The Age.

The report says the deal's failure provides an opportunity for ''introspection'' and has exposed China's lack of experience, talent and political acuity in investing the country's enormous savings abroad.

Its clear-eyed conclusions undermine arguments that the arrest of Rio Tinto's Stern Hu and three colleagues was an act of revenge against Australia or the company following the collapse of the complex Chinalco deal last June 5. Stern Hu remains in custody in Shanghai, with his lawyer and consular officials having limited access.

However, some observers say top Chinese leaders who supported the Chinalco deal were undermined by its collapse, leaving them less willing or able to intervene to block the arrests.

The State Council document reveals a capacity to accept and learn from the Chinalco failure, which may lead to more politically sophisticated deals.

The 10-member State Council includes the most senior members of the government, as distinct from the Communist Party standing committee.

The document does not list the Rudd government or its Foreign Investment Review Board among Chinalco's many problems.

It accepts that ''all nations cannot avoid rebellious emotions of the public when they acquire overseas resources''. But it also says the broad Australian backlash to the deal was bigger than expected, and that was largely because of the behind-the-scenes effectiveness of Rio's chief rival.

''BHP Billiton took full advantage of its skilful mass media propaganda and its lobbying capacity to arouse public emotions and influence the judgements of government policy-makers,'' it says.
( Cestmoi: BHP Billiton manipulated public opinion well, the media and powerful vested interests whipped up sino-phobic sentiment. If it were the British taking over, the Australians would have dropped their pants and bended over. A lesson for China! BHP Billiton wanted a near global monopoly, BHP got it. Normally this wouldn't sit well with the public, but since this is targeted at China, it is acceptable. )

It claims BHP ''seized the point that Chinalco had a state-owned background''. It then lists Chinese mistakes that contributed to losing the Australian public relations war:

■The near-simultaneous timing of Minmetal's bid for Oz Minerals and Valin Steel's investment in FMG.

■Chinalco's deliberate strategy of keeping a low profile ''lost opportunities for positive publicity''.

■Chinalco regarded Rio Tinto's shareholders as unified and ''thus lacked sufficient communications with each important shareholder''.

■Chinalco lacked experience in engaging its own lobbyists.

■Chinalco wanted too much too fast by combining a large equity investment with separate joint ventures in individual assets.

( Cestmoi: BHP Billiton and Rio share common institutional shareholders. I have talked about this.)

The State Council document does not mention what many believe was another key perception problem: Chinalco chief Xiao Yaqing's promotion to State Council deputy director-general at the time of the announcement of his Rio Tinto deal. The investment deal was signed in February 2009 and collapsed in June, when Rio announced a joint venture of iron ore operations with BHP Billiton.

The State Council document cautions against apportioning blame. It says Rio Tinto informed Chinalco of its parallel negotiations with BHP Billiton, and that the council accepts that as Rio's financial situation improved, and in the absence of a global anti-monopoly legal regime, Rio had ''more strategic interests'' in merging its iron ore operations with BHP than ''vertically'' merging with Chinalco. ''One important reason for blocking the vertical merger is conflict of interest, that is, when the major customer of Rio Tinto enters the board of directors, it will have certain rights to speak on product pricing which may harm the interests of Rio Tinto's other shareholders,'' it says.

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Post time 2010-3-16 00:48:11 |Display all floors

Dealing with a slick global monopoly.

Chinalco is dealing with a slick global duopoly of an unprecedented scale. Deals on this scale is always political, they will have all their "feelers" out. They will squeeze China for whatever they think they can get away with. Right now they think they have China over a roller and after their spectacular coup which sidelined China.

Make sure you shred all your documents, talk amongst yourselves behind heavy doors.

Use bare-knuckle negotiations with the Anglo Australian monopolitistic resource empire. There are no niceties involved. Always isolate them.

Make sure Mr Stern Hu and his colleagues are not involved and are out of China for this deal. After losing access to China, he will lose his advantage vis his white Australian co-workers, internal office politics will sideline him soon enough.

Rio, Chinalco in $13bn Guinea ore talks
JOHN GARNAUT, BEIJING
March 16, 2010

RIO Tinto and Chinalco are getting back together less than a year after the acrimonious breakdown of their $US19.5 billion investment deal.

The Anglo-Australian miner and Chinese industrial giant are in discussions that could lead to the development of the Simandou iron ore field in Guinea, in west Africa, at an expected cost of $US12 billion ($A13.1 billion.

The Simandou joint-venture negotiations have been taking place in Beijing before a visit by Rio Tinto chief executive Tom Albanese to the China Development Forum this weekend.

If a deal is approved by the Chinese and Guinean governments, it is likely that Chinalco will finance the next stage of pre-development, and that Rio will remain the senior partner in the joint venture.

Simandou has exceptionally high-quality iron ore and some say it has the potential to become the world's third-largest mining province, after Western Australia's Pilbara and Carajas in Brazil.

The Guinea-China link began in the 1950s.

But  Guinea is beset by political uncertainty after the December 2008 death of  President Lansana Conte and the non-fatal shooting of his replacement, Captain Moussa Dadis Camara, in December.

Mr Albanese has made repairing Rio's relationship with China a top priority and Chinalco president Xiong Weiping has refrained from publicly criticising Rio.

BusinessDay  believes the two companies have confined talks to  potential ‘"synergies" — such as utilising China’s geo-political clout, financing capabilities and infrastructure development prowess in Africa.
( Cestmoi: Do NOT offer Australians anything, make them work hard for everything. Don't offer financing to BHP Billiton Rio Tinto. Think of China first. White Ausrtalians already have a very low opinion of China and Chinese because they believe we are easy. )
Relations between the two companies soured  in June, together with what would have been China’s biggest outward investment deal.

But Chinalco’s strategy of keeping the door open for  Rio Tinto appears to have the blessing of Chinese policymakers and
advisers.

"The failure of the merger did not mean no other co-operation opportunities existed, or the breaking of mutual relations,"  said a report commissioned by the State Council and prepared by the State Council's Development Research Centre.
( Cestmoi: But it does mean taking extra precautionary measures every step of the way when dealing with a global duopoly on the scale of BHP Billiton Rio Tinto. Chinalco is the junior partner and open to more exploitations by the Anglo Australian monopoly. Madness to trust Australians.  )

"Rio Tinto has big technological advantages in international mining exploration and there are still co-operation opportunities for equity rights in parts of assets, so contact and co-operation should be continued."

While  negotiations are centred on Simandou, Chinalco and Rio Tinto have also discussed iron ore exploration in China and bauxite and alumina refining interests in north Queensland.

Rio Tinto’s interest in Mongolia’s Oyu Tolgoi — which Rio says is the world’s biggest undeveloped copper and gold mine — has also been discussed.
( Cestmoi: Take extra precautionary measures! Not one word too many! Isolate those Australians! Limit their access, they don't fit in, use dialects if they understand Putongwa. )

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Post time 2010-3-16 10:28:40 |Display all floors

#2

Can't modify my posting.

"Over a barrel"
"monopolistic"

Never ever trust white Australians, you will regret it.

Thx.
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Post time 2010-3-20 04:45:43 |Display all floors

Chinalco Rio signed MoU for Simandou, Guinea

China will be forking out the money and Rio Tinto will be raking in the money, our money. Rio Tinto currently has 95 per cent, to be reduced to 50.35% as Chinalco takes on 44.65% and the International Finance Corporation, the financing arm the remaining 5%. Rio Tinto needs the cash.

All those conciliatory words about working together for mutual benefit come across as self-serving.

The question is: Do we need white Australia in general and BHP Billiton Rio Tinto in particular as active partners?

I argue we don't need BHP Billiton Rio Tinto. White Australia claims it brings into the partnership project expertise that Chinalco does not have.

All Chinalco need is a bit of confidence in managing big overseas projects. Break down the project down far enough and you will see you can source the expertise anywhere in the world. Companies would trip over one another trying to win a contract in the project.

So what does BHP Billiton Rio Tinto has to offer that we cannot source elsewhere?

Be careful dealing with white Australia, hopefully, you have learned your lesson

Rio seals $13bn ore deal with Chinalco
MATHEW MURPHY
March 20, 2010

RIO Tinto and Chinalco have officially started repairing their once-fractured relationship, announcing plans to partner in the $US12 billion ($A13 billion) development of the Simandou iron ore field in West Africa.

Less than a year after one of the business world's most extraordinary bust-ups, in which Rio walked away from a proposed $US19.5 billion tie-up with state-owned Chinalco in favour of an iron ore joint venture with BHP Billiton, the pair have reunited in a move that will also help mend strained relations between Australia and China.

Rio and Chinalco said they had signed a non-binding memorandum of understanding to establish a joint venture to develop and operate the high-grade Simandou project in Guinea, expected to be one of the world's largest iron ore mines.

Under the deal, revealed earlier this week by BusinessDay, Chinalco will acquire a 47 per cent interest in the new joint venture for $US1.35 billion on an earn-in basis through sole funding of ongoing development work over the next two to three years.

At that point, Rio's share will be reduced from the present 95 per cent to 50.35 per cent, Chinalco will take 44.65 per cent and the International Finance Corporation, the financing arm of the World Bank, will hold the remaining 5 per cent. The project will require significantly more funding before it becomes operational.

Rio chief executive Tom Albanese, who has been working to repair the relationship with Rio's largest shareholder, is on the way to Beijing, where he is due to address the China Development Forum this weekend.

His visit to China will coincide with the start of court proceedings against Australian Stern Hu and three of his Rio colleagues.
( Cestmoi:  Mr Stern Hu should go back to Australia, it serves no purpose keeping him here. He would not be working in China again and he should not have access to any Chinese contacts. Once the poor guy has lost his differential advantage, he will be sidelined by white Australians. It will be death by a thousand cuts. )

Prime Minister Kevin Rudd this week warned China that ''the world will be watching'' how the matter is dealt with after revelations that Australian officials would be excluded from parts of the trial.

Despite the awkward timing of the deal, Mr Albanese heaped praise on its new joint-venture partner and talked up the potential of Simandou, an area some say could become the world's third-largest mining province.

''We have long believed that Rio Tinto and Chinalco could work together on major projects for mutual benefit,'' he said. ''Chinalco is an excellent partner for us in Simandou. Chinalco brings its own skills and capabilities in major projects and access to the infrastructure expertise or other Chinese organisations. We believe the Simandou project is a large-scale, long-life asset and is the single best undeveloped source of high-grade iron ore.
( Cestmoi: 口 出 善 言, 心 藏  粗 意, white Australia always has conciliatory words when they get something out of it at the expense of the others. )

''By working with Chinalco and the IFC, we expect to realise great economic and social benefits for Guinea, and great value for our shareholders.''

Rio has spent $US600 million on exploration and evaluation work on Simandou, which has a 2.25 billion-tonne iron ore resource and is expected to produce 70 million tonnes of iron ore a year when fully operational. Rio said the Simandou project already employed 1000 people in Guinea, a figure that would grow to ''tens of thousands of jobs during construction and more than 4000 full-time jobs during the operational phase''.

But Rio was unable to say whether its original date of 2013 for first production would eventuate. The time line was thrown into doubt two years ago when BSG Resources was handed Rio's rights to the northern half of the Simandou tenement. The Guinean government has not renounced the claim, but it has not been accepted by Rio either.

A Rio spokesman said that having Chinalco on board could ''speed up first production'' but that approvals would first have to be sought from the Chinese and Guinean governments.

''The good news is that all of that 2.25-billion-tonne resource is in the southern bit, which the claim doesn't refer to,'' he said.

Rio and Chinalco will now work on drawing up a binding agreement, which is expected within three months.

Goldman Sachs JBWere analysts said the development of Simandou would do little for Rio's net present value.

Rio shares fell 80¢ to $76.19.

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Post time 2010-3-22 22:48:56 |Display all floors

Stern Hu admitted taking bribes...

Mr Hu, an Australian citizen, has admitted to taking $1 million in bribes.  Likewise, his three colleagues, Chinese citizens, admitted to taking bribes too.

Bribery is not uncommon in China, or elsewhere for that matter, but this is going to make it difficult for Mr Hu to avoid a jail sentence. We don't really want Mr Hu in China, if and when convicted, best to have him serve out his sentence in Australia.

Rio Tinto Employees Say They Took Bribes in China
By DAVID BARBOZA
Published: March 22, 2010

SHANGHAI — Three employees of Rio Tinto, the British-Australian mining giant, agreed to plead guilty Monday to taking bribes while working for the company in China, stunning confessions on the opening day of their three-day trial here.

Tom Connor, Australia’s consul-general in Shanghai, walked away after speaking to journalists about the trial of three employees of Rio Tinto, the British-Australian mining giant, who agreed to plead guilty Monday to taking bribes while working for the company in China.

The employees, including Stern Hu, a senior executive and Australian citizen, admitted to receiving several million dollars of bribes, according to their lawyers. A fourth employee is also expected to plead guilty.

The proceedings were largely closed to the public, but the Australian consul general in Shanghai said that Mr. Hu — the focus of the case — had admitted in court Monday to receiving some of the $1 million in bribes prosecutors accused him of taking while at Rio Tinto.

Mr. Hu and the three Chinese employees were detained last July in a high profile corruption case that at the time rocked the global steel industry and strained diplomatic relations between China and Australia.

After nine months in detention, Mr. Hu and his three colleagues are on trial this week at the Shanghai No.1 Intermediate Court, accused of accepting about $12 million in bribes and also stealing commercial secrets from Chinese state-owned companies.

Each of the defendants could face up to 10 years in jail if they plead guilty to accepting bribes, one of their lawyers said.

In a statement after the opening day of the trial Monday, the Australian consul general in Shanghai, Tom Connor, said Mr. Hu made “some admissions” and acknowledged taking some of the money.

Zhang Peihong, a lawyer for another Rio Tinto employee standing trial, Wang Yong, said his client had agreed to plead guilty to accepting about $1 million in bribes — much less than the $10 million he is accused of taking.

A spokesman for Rio Tinto declined comment Monday.

The guilty pleas, which are expected to be formally entered Tuesday, are an abrupt turnabout in the case. Australia had pressed China for months, demanding a fair and transparent legal process and hinting that the employees may have been framed. Prime Minister Kevin Rudd of Australia also warned recently that “the world will be watching” the trial.

And for much of the past year, Rio Tinto, one of the world’s biggest producers of iron ore, has defended its employees, saying the company has no evidence they engaged in wrongdoing.

The four employees were initially accused of espionage, which would have fallen under tough Chinese state secrets law, and of causing China “enormous economic losses.” But in August, the four employees were formally charged with lesser offenses: bribery and stealing commercial secrets.

The trial focused Monday only on the bribery issue. On Tuesday or Wednesday, the court is expected to shift its focus to the commercial secrets charges.

Many Western executives doing business in China have said that they worried that the Rio Tinto employees — Mr. Hu, Mr. Wang, Ge Minqiang and Liu Caikui — might have been unfairly detained because of business disputes with government-owned companies; and that other foreign executives could be targeted.

The timing of the case seemed ominous. Shortly before the July detentions, the Chinese steel industry association had complained about the skyrocketing price of iron ore and criticized Rio Tinto and other foreign suppliers for a breakdown in contract talks on iron ore prices.

The detentions also came after Rio Tinto scrapped plans to accept a $19.5 billion investment from Chinalco, one of the biggest state-owned Chinese mining groups.

Beijing has said that this was a criminal case and has pressed Australian officials and others to avoid “politicizing” the case.

Yet because Australia is one of the leading suppliers of iron ore to China — iron ore worth billions of dollars and intended for the Chinese booming steel industry — the case has become a concern for the top leaders of both countries.

Legal experts said the July detentions and initial allegations that the four Rio Tinto employees were stealing state secrets also suggested the government may have been using the case to punish Rio Tinto.

Western executives said they were alarmed because in the days after the detentions were announced last July, a spokesman for the Chinese Foreign Ministry described the accused as spies, and the Chinese state-owned media published articles saying it was the Rio Tinto employees who were bribing government officials to get access to sensitive documents.

Yet in the nine months since the four were detained, the Chinese authorities have announced no other arrests of steel industry officials for bribing Rio Tinto employees or trading in government secrets.

Prosecutors reduced the charges to bribery and stealing commercial trade secrets after Australian and even American officials said they were concerned about the case and what it would mean for foreign executives working here.

On Friday, Rio Tinto said that it had formed a joint venture with Chinalco to develop an iron ore project in Africa.

On Monday, Rio Tinto’s chief executive, Tom Albanese, spoke at the China Development Forum in Beijing, and pledged to work with China to find mineral resources in China and overseas.

Chen Xiaoduan contributed research.

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Post time 2010-3-23 10:49:56 |Display all floors
I visited lot of site and read lot of  site and read lot of article.China is deal. of blaming Tinto market ©afr.com ©afr.com forces and a campaign by June BHP Billiton and Ltd for the failure  everyone's of the its planned $US19.5 billion ($21.24 billion) investment Corporation in Rio  Corporation Tinto Ltd ©afr.com Joske the failure Prime between last ©afr.com year, according to a quoted Tinto reported report.I visited lot of site and read lot of  site and read lot of article.

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Post time 2010-3-23 23:42:05 |Display all floors

Guangzhi and the money trail

Seems like Rio Tinto is not in full control of its own staff and sales operation. Its corporate governance has been white-anted, but by whom?

One of Mr Hu's associate, Mr Wang Yong, has been handling the Robe River ore sales with a different Rio Tinto sales team, effectively bypassing Stern Hu. Wang allegedly accepted RMB70 million in bribes to handle the deal through his own trading company. The money is allegedly traced back to Rizhao Steel.

Why Mr Wang Yong?

Apparently Mr Wang's trading company was linked to Du Shuanghua, who was a key client of Wang. Du was one of the richest man in China and often refused to cooperate with the China Iron & Steel Association.

Mr Du is alleged to have a close relationship with a family member of President Hu Jintao.

Mr Du is also the owner of Rizhao Steel.  Rizhao Steel and Rio Tinto's Robe River operations had a deal going.

Yang Wong was the link and the front for the Robe River deal. Whoever was behind  Du Shuanghua would take a step back now or risk becoming the target himself, even if he is a close relative of the president.

Guess it is fair to say Mr Du is in deep trouble and has gone from riches to rags.

Assuming all these allegations by Wang and Du are true, I suggest the court slap a fine on Mr Stern Hu and had him thrown out of China quickly. It serves no purposes to have him in China.

Steel kingpin linked to Stern Hu case
JOHN GARNAUT , SHANGHAI
March 24, 2010

NOT ALL of Rio Tinto's iron ore sales in China were managed through Stern Hu.

It seems that Hu and two staff who reported directly to him, Ge Minqiang and Liu Caikui, have broadly admitted the bribery charges against them. But not Wang Yong, who reported to a different manager.

The ore from one Pilbara operation, Robe River, was channelled through a separate sales team that included Wang, who has been accused of accepting 70 million yuan ($A11.2 million) in bribes - 10 times what Hu allegedly received.

Wang's alleged money trail may ultimately show that Rio Tinto's internal governance systems were not as effective on the ground in China as the company's executives had hoped.

The source of these millions - one of China's well-connected billionaires, Du Shuanghua- may hint at why Chinese authorities have gone to such lengths to shroud Hu's case in secrecy.

It is widely known within the Chinese steel industry that Wang's brother controls a trading company. It is less widely known that one of Wang's key client relationships was with Mr Du, who had a reputation for ignoring the edicts of the apparatchiks who control the China Iron & Steel Association.

Perhaps the most sensitive detail about Mr Du is that he has a close relationship with a family member of President Hu Jintao, according to local political observers and industry executives in China and Australia.

About four years ago, Rio Tinto's Australia-based planners resolved to allocate a huge new contract of Robe River ore to Mr Du's Rizhao Steel. It seemed a good call, as Mr Du went on to massively expand his enterprise. Wang managed the relationship on the ground in China, according to well-placed sources, but now it has come back to bite him.

Last year a Shandong provincial government steel company pushed forward with an opaque and controversial takeover bid, Chinese-style, where the bidder got to name the price for control of Mr Du's Rizhao Steel.

Mr Du toppled from No. 2 to No. 29 on the Forbes rich list.

According to a Shanghai media report yesterday, the only lively portion of this week's court proceedings took place when prosecutors read out testimony from Mr Du detailing how he paid a 70 million yuan ''good deed'' fee to a company controlled by Wang in Hong Kong. Wang repeatedly interjected and asked that he be allowed to go ''face-to-face'' with Mr Du in court, according to the National Business News - a publication partly controlled by the Shanghai government.

Wang explained that he wanted to invest in the Hong Kong stock exchange but couldn't find a way of getting the money across the border. Wang said he asked Mr Du to loan 70 million yuan to his company in Hong Kong, Mr Du obliged, and Wang's brother's trading company repaid the loan to Mr Du.

So by Wang's own account, he was still using his platform at Rio Tinto to extract a huge financial benefit from a customer - but he didn't receive a 70 million yuan bribe.


The reporter, Wang Wenyan, declined to answer questions about the story, telling The Age his company's policy was ''not to talk to foreign journalists''.

But it is notable that only one company, Rizhao Steel, has been named among the many alleged bribe payers in other Chinese media reports.

All four of the Rio Tinto defendants have been technically suspended from work, but with the company's full support and full pay until proven guilty.

Assuming credible convictions, the question then turns to how Rio's employees in China ran so loose - and whether they cut deals for themselves rather than maximising profit for the company.

More broadly, the emerging details of Wang's relationship with billionaire Mr Du raise new questions about the motivations and targets of this state security-initiated investigation.

It is true that corruption is everywhere in China, but only a select few are ever targeted. Authorities tend to channel cases through the Communist Party's internal and secretive discipline inspection system, to prevent defendants from naming in court the dozens of other officials who may also be involved in their illegal conduct.

Rio Tinto staff do not qualify for the party's internal discipline system, not being party members. So authorities have had to resort to the relatively open judicial system.

Yesterday the court told defendant lawyers to stop briefing the media on developments, sources close to the case said.

Hong Kong and international media have previously reported that Mr Du last year attempted to shield Rizhao Steel from the Shandong government's takeover by handing a portion of his shares to Kai Yuan Holdings, a Hong Kong-listed company closely associated with President Hu's relatives.

Maybe Mr Du's shield is wearing off. Maybe, in China's cut-throat and interest-driven internal politics, Australia's largest iron ore supplier was not the only target.



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