Anglo-Australian mining giant Rio Tinto is keen to strengthen its relationship with Beijing despite tension over iron-ore price negotiations and the impending prosecution of four company employees in China on charges of bribery and obtaining commercial secrets. "We recognize that China will need more metals and minerals from companies like Rio Tinto. It is in their interest to encourage us to grow and work together," said CEO Tom Albanese, the Wall Street Journal reported. Rio Tinto’s net profit rose 33% year-on-year to US$4.87 billion in 2009, with China accounting for about 24% of total revenue. The company expects Chinese demand to grow 9% in 2010. Albanese admitted that this year’s iron-ore contract price negotiations are tense, with China having failed to reach an agreement with the leading miners in 2009. He added that the current system, which tries to set an annual benchmark price for each metric ton of iron ore sold, needs to evolve into a smoother process if it is to survive.
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