DJ Rio Tinto Extends Deadline On Yarwun 2 Chinalco Participation

MELBOURNE, Mar 31, 2009 (Dow Jones Commodities News via Comtex) -- Rio Tinto Ltd. (RTP) said Tuesday it has extended the deadline by which Aluminum Corp. of China must confirm its participation in the funding of the Yarwun 2 alumina refinery expansion in Queensland state. Chinalco is set to take a 50% stake in Yarwun as part of its US$19.5 billion investment in Rio Tinto, which is still subject to government and shareholder approvals. Rio said it has extended the deadline on Chinalco's confirmation of its funding of the project, which is already 27% complete, to May 31 from Mar. 31. "The extension has been requested by Chinalco to allow it to complete its project evaluation and approvals processes," Rio said in a statement.