IRON-ORE
Rio Tinto Group CEO Jean Sebastien Jacques said an investigation into the lawfulness of a payment made to an external consultant relating to a giant iron ore project in Guinea has “shell-shocked” the company and may take several years to resolve.
The world’s second-biggest miner last week alerted authorities, including the US Department of Justice and the UK’s Serious Fraud Office, to a $10.5-million payment made to Francois de Combret in 2011 for assisting negotiations with Guinea’s President Alpha Conde.
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