Rio Tinto 4 charged with bribery, not espionage

In the latest surprising turn in the Rio Tinto/China iron ore case, China has apparently decided not to pursue the most serious charges that were floated:

But on Tuesday the four were formally arrested on suspicions of commercial bribery and trade secrets infringement — serious charges, but far less explosive than a possible charge of espionage, which had raised the prospect of a closed-door trial and harsh penalties.

“Cooler heads prevailed,” said David Kelly, a professor at the University of Technology in Sydney’s China Research Center.

Maybe the $100bn math didn't stand up to scrutiny.

Meanwhile, China's resource rampage continues...