Rio confirms Chinalco talks

Mining giant Rio Tinto has confirmed it is in talks with Chinese Government-backed aluminium giant Chinalco about a possible transaction. “Rio Tinto notes continued media speculation in connection with a possible transaction with Chinalco and confirms the parties are in negotiations, which may or may not lead to any agreement being reached,” it said in a statement on Thursday. “A further announcement will be made shortly.” Shares in the mining giant were placed in a trading halt earlier on Thursday. Media reports suggest Rio Tinto is set to sell convertible bonds and minority stakes in mining assets worth $29.04 billion to Chinalco. Rio Tinto is scheduled to report its annual results later today. AAP