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MULTIMEDIA
May 26, 2012
 
 
 
 
 
 

Australian PM: World watching China spy case

16 July 2009 / REUTERS, SYDNEY
Australian Prime Minister Kevin Rudd warned China on Wednesday it had significant economic interests at stake in detaining an Australian mining executive on spying charges and the world was watching how it handled the case.

Confidence in China's ties with Australia, its biggest supplier of natural resources, and the iron ore trade in particular have been threatened since China detained four of Anglo-Australian miner Rio Tinto's staff on July 5. One part of the row may be quietly put to rest after sources said the two major miners, Rio and BHP Billiton, had secured tacit agreement with Chinese mills for a 33 percent price cut in iron ore, the same deal agreed with other Asian customers in May, effectively winning the marathon pricing battle.

China's steel makers had wanted an even bigger cut, of 40 percent, demanding that Rio and BHP, the world's second- and third-biggest iron ore miners, take term prices back to 2007 levels.
 
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