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.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Categories

%d bloggers like this: