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Rio to sell stake in China JV

(China Daily)
Updated: 2009-04-22 08:01

Rio Tinto Group, the world's third-biggest mining company, plans to sell a 17 percent stake in a Chinese venture to partner Shenzhen Zhongjin Lingnan Nonfemet Co for $1.89 million.

Acquiring the stake from Rio Tinto will increase Zhongjin's holding in Nonfemet International (China-Canada-Japan) Aluminum Co to 72 percent from 55 percent, the Shenzhen-based company said yesterday.

Rio Tinto is looking to sell a combined 27 percent stake in Nonfemet International for $3 million, Zhongjin said.

Related readings:  Rio to sell aluminum JV stake to Zhongjin  Rio Tinto aluminum output falls 6% in Q1  Australia mines minister backs strong China links  Rio Tinto may sell more assets if Chinalco deal fails

Rio Tinto gained its stake in Nonfemet International, which makes sliding doors and windows, through its 2007 acquisition of Alcan Inc.

The acquisition of Alcan caused Rio's debt to balloon 19-fold in 2007, which led the mining company to accept a proposed investment of $19.5 million by Aluminum Corp of China (Chinalco).

But earlier on Monday, Jan du Plessis, new chairman of Rio Tinto, said that he would meet major shareholders in London next month, and would be prepared to scrap the $19.5 billion tie-up with Chinalco if they looked certain to oppose it.

"I would trust we are not going to put a proposal to shareholders if we think there is any chance of it actually being voted down," Du Plessis said after the group's annual meeting in Sydney.

"If shareholders vote down the deal we will certainly have a problem and we will certainly have to take other action," he said.

Bloomberg News - Reuters