Rio Tinto Turns to Feng Shui for Luck

Mining giant Rio Tinto is turning to feng shui to earn more luck. Sources said that Rio Tinto purchased a jade horse, believed by the Chinese to be an auspicious object.

The jade horse stands about 1.2 meters and is looking out a prime view in Rio Tinto’s Shanghai office. The mining company’s office is at the 40th floor of Wheelock Square.

Sources said the jade horse was purchased to add some luck to Rio Tinto. In 2009, the company underwent a collapse of a US$19.5 billion transaction. Four executives were also arrested.

Ian Bauert said management sought the advice of a feng shui master to guide them in designing the Shanghai office. Bauert is the managing director for Rio Tinto’s China office.

He added that the jade horse should bring in good spirit that would make its China office a happy and prosperous one.

Rio Tinto’s performance in China was affected when it lost market share against rival BHP Billiton in 2009. Over the years, Rio Tinto has made significant gains, increasing sales by about 72 percent. In the last three years, the company has raised sales by US$19.5 billion.

Tim Schroeders said with or without luck, the company is doing much better since 2009. Schroeders manages Rio Tinto shares in Pengana Capital.

Rio Tinto is the second largest exporter of iron ore in the world. It started its China operations in 1973, becoming the first foreign company to provide iron ore in the country.