Yahoo Finance Unbelievable fine for radioactive capsule loss
The radioactive capsule lost in the WA desert has been found, but now Rio Tinto will be hit with a surprising fine.
The story of the radioactive capsule that fell off the back of a truck had a happy ending yesterday when it was found in the vast Western Australian desert - but if the story wasn't unbelievable enough, the fine Rio Tinto will cop adds another element.
Rio Tinto (RIO), a company with a market capitalisation of more than $188 billion, will have to pay a measly $1,000 for losing the dangerous capsule.
Also read: Search underway for radioactive capsule missing in Australia
Also read: Rio Tinto upgraded to buy: What does it mean for the stock?
The 8mm by 6mm item fell out of a density gauge while being trucked from a Rio Tinto mine in the Pilbara to Perth last month.
WA government officials said the dangerous capsule had been found on Wednesday just south of Newman on the Great Northern Highway. It was detected by a vehicle travelling at 70km/h when specialist equipment picked up emitted radiation.
Portable detectors were then used to locate it two metres from the side of the road.
State Emergency Services Minister Stephen Dawson said the discovery was extraordinary considering the scope of the search area.
"Locating this object was a monumental challenge. The search groups have quite literally found the needle in the haystack,” he told reporters yesterday.
Under WA laws, the maximum fine for failing to safely store or transport radioactive material is just $1,000.
However, WA Health Minister Amber-Jade Sanderson said the government was looking at increasing the outdated and "unacceptably low" penalty.
A government investigation has been launched into the incident and a report will be provided to the health minister once it is completed.
Rio Tinto CEO Simon Trott said the mining giant would fully cooperate with the government's investigation.
"We'd be happy to reimburse the cost of the search. That is ultimately a matter for the state government," Trott said.
Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to the free Fully Briefed daily newsletter.
