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Tough talking for Rio on China iron ore

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CHINA-IRONORE/No great surprise that Rio Tinto has acknowledged it has given up trying to fix an annual iron ore price with Chinese steel mills.

What strains credibility is the miner’s insistence that this has nothing to do with the detention of its negotiating team in China.

It looks as though Rio’s iron ore head Sam Walsh may have broken ranks and told it as it is. Walsh was quoted by AAP as saying:

At this point in time we’re not negotiating….Remember we have our negotiators detained.

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