Resources Correspondent
OFFICIALS from the European Commission's competition authority have conducted dawn raids on BHP Billiton and Rio Tinto, looking for evidence of cartel agreements on pricing and sales practices in the global copper concentrate market.
If found guilty of collusion, the companies would face a hefty fine, which in the past have run to several million euros.
Rio Tinto's share price slid 3,6% in London on the news, while BHP shares lost 2,3%.
Both companies, which are among the three largest diversified mining companies in the world, said yesterday that they were co-operating fully with the investigation.
Commission officials said the "surprise inspections" were a "preliminary step in investigations into suspected cartels", in which the commission was working with the US justice department and the Canadian Competition Bureau.
US company Freeport- McMoRan , which operates a
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