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6/14, 6:14 PM (Source: TeleTrader)
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Rio Tinto discloses govt contracts in transparency move

Rio Tinto published its government contracts and licensing agreements on a publicly accessible online platform in an attempt to increase transparency in its business practices and curb corruption, the mining giant said in a statement on Friday.

The company said: "By disclosing our contracts we can contribute to the responsible management of natural resources and help prevent corruption. Contracts give certainty to both parties and guides expectations as to how we will work together during the life of a mining project."

Mining companies have been under pressure worldwide to disclose information on their deals after a dam that Vale operated collapsed in Brazil earlier this year killing around 300 people.

Rio Tinto traded 1.04% lower on Wall Street at 1:55 am ET.

Breaking the News / VP