Chinalco Denies in Talks to Sell Rio Stake - Report-Shanghai Metals Market

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Chinalco Denies in Talks to Sell Rio Stake - Report

Industry News 11:54:16AM Jan 11, 2010 Source:SMM

BEIJING, Jan. 11 -- Aluminum Corp of China (Chinalco) has denied that it is in talks to sell its stake in mining giant Rio Tinto (RIO.AX: Quote), local media reported on Saturday.

Chinalco said the Rio stake was a strategic investment as part of its diversification and internationalisation plans, and that any decision to sell it would not be made lightly, the Chinese-language Beijing Times reported.

There has been market talk that China Investment Corp, the country's $300 billion sovereign wealth fund, may bid for state-owned Chinalco's roughly 9 percent stake in Rio.

Rio's relations with Chinalco soured in July 2009 when it snubbed an offer that would have seen the Chinese group invest another $19.5 billion for a bigger equity partnership. Rio later opted to form an iron ore joint venture with rival BHP Billiton Ltd (BHP.AX: Quote)(BLT.L: Quote).

 

Chinalco Denies in Talks to Sell Rio Stake - Report

Industry News 11:54:16AM Jan 11, 2010 Source:SMM

BEIJING, Jan. 11 -- Aluminum Corp of China (Chinalco) has denied that it is in talks to sell its stake in mining giant Rio Tinto (RIO.AX: Quote), local media reported on Saturday.

Chinalco said the Rio stake was a strategic investment as part of its diversification and internationalisation plans, and that any decision to sell it would not be made lightly, the Chinese-language Beijing Times reported.

There has been market talk that China Investment Corp, the country's $300 billion sovereign wealth fund, may bid for state-owned Chinalco's roughly 9 percent stake in Rio.

Rio's relations with Chinalco soured in July 2009 when it snubbed an offer that would have seen the Chinese group invest another $19.5 billion for a bigger equity partnership. Rio later opted to form an iron ore joint venture with rival BHP Billiton Ltd (BHP.AX: Quote)(BLT.L: Quote).