Australian Lawmaker Hockey Has Concerns Over Chinalco-Rio Deal

May 20 (Bloomberg) -- Australia’s opposition treasury spokesman Joe Hockey has concerns about Aluminum Corp. of China’s proposed $19.5 billion investment in Rio Tinto Group because it will control a large part of Australia’s resources. “We are very concerned about a foreign government controlled state-owned enterprise owning a large part of Australia’s resources,” Hockey told the National Press Club in Canberra when asked if it should be approved. “In relation to the conditions that will be applied, we’ll wait and see what the treasurer comes up with.” The Foreign Investment Review Board is studying the deal and will make a recommendation to Treasurer Wayne Swan, who can accept or reject its findings. Australia on April 23 conditionally approved China Minmetals Group’s $1.2 billion bid to buy most of Oz Minerals Ltd.’s mines, while Swan in March approved an investment by Hunan Valin Iron & Steel Group in Fortescue Metals Group Ltd., with conditions to avoid conflicts of interest over prices, sales and marketing. The opposition has no power over the Rio decision.