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Chinalco ups stake in Rio Tinto, injects $19.5b

By Jiang Wei (chinadaily.com.cn)
Updated: 2009-02-12 14:49

This file photo shows Chinalco at a steel exhibition in Shanghai, Sept 23, 2007. Chinalco will inject $19.5 billion into Rio Tinto Ltd, the London-based miner announced on Thursday.[Asianewsphoto]

In what marks as the largest ever overseas investment by a Chinese company, the country's biggest aluminum producer Aluminum Corp Of China (Chinalco) will inject $19.5 billion into Rio Tinto Ltd, the London-based miner announced on Feb 12.

This will increase Chinalco's stake in the miner to 18 percent, from the 9 percent it held earlier.

Under the agreement, Rio Tinto will sell $12.3 billion in assets to Chinalco, and raise the additional $7.2 billion through convertible bonds, foreign news agencies said.

A bulldozer works on a mound of salt at Rio Tinto's Dampier Salt Limited production facility at Port Hedland on May 27, 2008.  [Agencies]