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Rio Tinto fires executives Davies and Valentine

Reuters - UK Focus

SYDNEY, Nov 17 (Reuters) - Rio Tinto (LSE: RIO.L - news) said on Thursday it had terminated the contracts of Energy & Minerals chief executive Alan Davies and Legal & Regulatory Affairs Group executive Debra Valentine.

The mining giant said its board had reviewed the findings to date of an internal investigation into 2011 contractual arrangements with a consultant who provided advisory services on the Simandou project in Guinea.

The board concluded that the executives had failed to maintain the standards expected of them under its global code of conduct, though the decision did not pre-judge the course of any external inquiry into the matter.

Davies will be replaced by Bold Baatar, who will join the Executive Committee as Energy & Minerals chief executive. (Reporting by Wayne Cole; Editing by Gareth Jones)