Posted by: tristar3research | February 13, 2009

And so it continues, Chinese grab resources

Rio Tinto has announced that Chinese aluminium producer, Chinalco, will invest $30 billion in the company. This will double Chinalco’s stake in Rio to 18 per cent and requires regulatory approval. Under the deal, Chinalco would take a minority stake in Rio’s mining assets such as the Hamersley iron ore mine in Western Australia’s Pilbara region. In its announcement to the stock exchange, Rio said the deal will strengthen the company’s balance sheet and reduce debt.


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