Rio Tinto Group has agreed to pay a US$15 million penalty to settle U.S. claims of bribery in Guinea, more than six years after a payment connected to a vast iron ore deposit in the West African nation prompted the mining giant to fire two of its top…
The Securities and Exchange Commission said a political consultant working for Rio had tried to bribe a Guinean government official. Additionally, the miner didn’t properly record its payments to the person, the SEC said on Monday, adding that the company had inadequate accounting controls.
The allegations form part of Rio’s long and turbulent history in Guinea as it tried to get access to the rich iron ore reserves of the Simandou region. Two executives — Alan Davies and Debra Valentine — were terminated in 2016 under then-Chief Executive Officer Jean-Sebastien Jacques, when Rio reported questions over a consultant to the SEC and other watchdogs.
Production is yet to begin at Simandou, where Rio now holds a majority stake in two of the four tenements in a joint venture with China’s Chalco Iron Ore Holdings and the Guinean government. The shareholders continue to negotiate details of the project, which Rio describes as the “largest and richest untapped high-grade iron ore deposit in the world”.
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