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Chinalco Delays Decision on Capital Injection for Rio Tinto Alumina Project

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BEIJING, June 2 -- China's top aluminum producer Chinalco, parent of Chalco, has again deferred a decision over investments in Rio Tinto's Yarwun alumina refinery, Rio Tinto announced Monday.
&nbsp;&nbsp;&nbsp; Rio Tinto has agreed with Chinalco to push back the deadline from May 31 to June 15.
&nbsp;&nbsp;&nbsp; Under the earlier agreement over Chinalco's 19.5 billion-yuan investments in Rio Tinto, Chinalco would buy a 30 percent stake in the latter's bauxite mine and 50 percent stake in the Yarwun alumina refining plant.
&nbsp;&nbsp;&nbsp; However, Chinalco said on March 31 it would put off the investments decision for Rio's alumina project for two months.
&nbsp;&nbsp;&nbsp; It's been learned that Chinalco still needs some time to assess Rio's alumina project.
&nbsp;&nbsp;&nbsp; However, the day before the deadline is just when Australia's Foreign Investment Review Board (FIRB) will unveil its final decision on the Rio-Chinalco deal.
&nbsp;&nbsp;&nbsp; Therefore, whether Chinalco will invest in Rio's alumina project depends on FIRB's decision.
&nbsp;&nbsp;&nbsp; Earlier in February, Chinalco signed an agreement with the world's leading iron ore supplier Rio Tinto under which Chinalco would invest 7.2-billion U.S. dollars in convertible bonds with a nominal interest of nine percent, and invest 12.3 billion dollars in Rio Tinto iron ore, copper and aluminum assets.
&nbsp;&nbsp;&nbsp; However, the Australian government announced in mid-March that it would postpone the review term for the Rio-Chinalco deal to 90 days maximum. Besides, media reports said that shareholders of Rio Tinto were still opposed to the deal, worrying that the company's assets may be undervalued.
&nbsp;&nbsp;&nbsp; (Source: chinamining.org)

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Chinalco Delays Decision on Capital Injection for Rio Tinto Alumina Project | Shanghai Non ferrous Metals

Chinalco Delays Decision on Capital Injection for Rio Tinto Alumina Project

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