RIO Rio Tinto Plc

SYDNEY—Rio Tinto PLC said it has terminated the contracts of energy and minerals chief executive Alan Davies and legal and regulatory affairs group executive Debra Valentine over an internal investigation into 2011 contractual arrangements with a consultant who provided advisory services on the Simandou project in Guinea.

The Anglo-Australian mining company said that its decision "does not prejudge the course of any external inquiries into this matter." But it said the executives "failed to maintain the standards expected of them" under the company's global code of conduct.

Mr. Davies, who was responsible for the Simandou project at the time, had already been suspended, while Ms. Valentine—who had previously told the company she intended to leave in May next year—had stepped down.

Rio Tinto has previously said it was contacting authorities in the U.K., U.S. and Australia over emails linked to payments worth $10.5 million to a consultant on the Simandou project in Guinea and intends to fully cooperate with any subsequent inquiries.

"Further comment at this time is therefore not appropriate," the company said.

Mr. Davies and Ms. Valentine couldn't be reached for comment.

Mr. Davies will be replaced by Bold Baatar, who held a number of senior investment banking roles with J.P. Morgan before taking on chief executive positions with a gold mining company and a diversified investment management business in Mongolia. He joined Rio Tinto in 2013 as Copper International Operations president and is the managing director of Marine and vice president Iron Ore Sales and Marketing.

Chief Financial Officer Chris Lynch has temporarily assumed accountability for the corporate Legal & Regulatory Affairs function. The recruitment process for a new chief legal counsel has begun.

Write to Rachel Pannett at rachel.pannett@wsj.com

(END) Dow Jones Newswires

November 16, 2016 17:55 ET (22:55 GMT)

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