Chalco May Raise Rion Tinto Share

Chalco（02600.HK） （601600.SH） has been keen on kinds of global resources assets with currently considering raising its share in global mining giant Rio Tinto. Chinalco’s general manager Xiao Yaqing said the company will survey the mining and economy situation before the potential raise. Chinalco is the parent company of Chalco. Chalco teemed with Alcoa in buying into Rio Tinto for $14 billion earlier this year, which has been speculated by analysts that it was intending to frustrate BHP Billiton’s $180-billion hostile bid for rival Rio Tinto. Chalco holds a 9 percent stake in Rio Tinto. Mr. Xiao said he supports potential development and independent operation of Rio Tinto. And Rio Tinto’s CEO Tom Albanese reiterated Monday that BHP Billiton’s $180-billion bid has undervalued Rio Tinto’s assets and perspective. COPYRIGHT All rights reserved. The copying, republication or redistribution of WAM News Content, including by framing or similar means, is expressly prohibited without the prior written consent of WAM.