Don’t Quote Me (On The Perfidy of Rio)

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We have a cracker of a quote this week, thanks to the balanced reporting of the good folk at Xinhua…

While framing Chinalco as a “white knight” saviour, Rio gets slated for renegotiating, and scuppering, the deal as the market picked up (something they may have learned from dealing with savvy Chinese iron ore negotiators). The following quote results:

    “The perfidy of Rio, the world’s third largest mining company, seems somewhere between short-sightedness and possible political prejudice.”

But there is more…

    “There is an old Chinese saying: “A gentlemen’s agreement is beyond the letter.” Honesty is the blood of business behavior.”

And finally…

    “The abortion of the Rio deal will not slow Chinese enterprises in their effort to invest overseas. For Chinalco, the one-time failure in international trade will soon fade. Yet for Rio Tinto, it will take years to overcome the lost honesty and tainted image.”

So, no hard feelings then!

(Note to self: We may have to file this, and bring it out next time we are asked to renegotiate an iron ore sale to one of China’s major buyers…).

As for the Rio / wider ODI story, more of the latest is here:

    • ODI: ODI lessons? View from the FT: China will learn from failed Chinalco-Rio deal http://bit.ly/amUIE 8:27 AM Jun 9th from TweetDeck

    • The shoe is now on the other foot – RT @China_Daily: China concerned over Rio-BHP alliance monopoly risk http://tinyurl.com/lk4o8l 7:52 AM Jun 9th from TweetDeck

    • ODI. Game on. – Forbes: China to push ahead with ‘go abroad’ policy – ministry http://bit.ly/186eZz 8:35 AM Jun 11th from TweetDeck

We also noted this story last week.

One Response to “Don’t Quote Me (On The Perfidy of Rio)”

  1. Archive » Briefly…Top Ten Tweets: From Environmental Impact to “Green Dams”, Good Scams, and a Damning Editorial| China Business Blog Says:

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