Yes! This is good news, very good news. -- Rio Tinto Scuttles Its Deal With Chinalco
From The Wall Street Journal:
Anglo-Australian mining giant Rio Tinto walked away from a proposed $19.5 billion deal with Aluminum Corp. of China, dealing a blow to China's ambitions to buy access to raw materials crucial for its economic growth.
The proposed deal would have given state-owned Aluminium Corp., known as Chinalco, an 18% stake in Rio Tinto, the world's third-largest miner and owner of rich iron-ore and copper mines in Australia and elsewhere. It also would have given the Chinese company direct stakes in some mining assets.
Anglo-Australian mining giant Rio Tinto walked away from a proposed $19.5 billion deal with Aluminum Corp. of China, dealing a blow to China's ambitions to buy access to raw materials crucial for its economic growth.
The proposed deal would have given state-owned Aluminium Corp., known as Chinalco, an 18% stake in Rio Tinto, the world's third-largest miner and owner of rich iron-ore and copper mines in Australia and elsewhere. It also would have given the Chinese company direct stakes in some mining assets.
posted by Sid Cottingham | 11:58 PM
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