Here is a good back story article about how Rio Tinto’s Stern Hu came to be arrested on spying charges, the down grading of the charges, the economics and politics of iron ore in China, and how it impacts Australia. It says a lot about what to expect from China. It’s ability to function as a monopoly buyer and aspirations in that direction.
Nice article. Too bad it will be dismissed as China bashing by any and all of those that support the resurrection of the great motherland! The Chinese government has become the pre-emiment leader in creating false facades, saying what someone wants to hear but doing whatever they please.
Watch for lots of action with Vale next year as the CCP does everything they can to screw Rio and BHP.
Sucks to be Stern Hu, sounds like he greased all the right palms and still got screwed.
I agree he was very unlucky. China’s mentality is still stuck back in the days of outlying states paying for the right to do business with China.