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Rio Tinto says announcement coming on talks with Chinalco
London (AFP) Feb 11, 2009 Anglo-Australian mining giant Rio Tinto said on Wednesday it was still in talks with Chinalco and would make an announcement shortly, after reports it was set to sell a further stake to the Chinese aluminium company. "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," the company said in a statement to the London Stock Exchange. "A further announcement will be made shortly." The Wall Street Journal reported on Wednesday that Rio Tinto was set to sell convertible bonds and minority stakes in mining assets worth 19 billion dollars (14.8 billion euros) to Chinalco. Rio Tinto, which is due to report its results on Thursday, said it had asked that trading of its American Depository Receipts (ADRs) on the New York Stock Exchange and its ordinary shares on the Australian Stock Exchange be halted. ADRs allow US-based investors to buy shares in companies listed overseas without getting involved in cross-border transactions. Rio Tinto said on February 2 that it had discussed the sale of stakes in some of its operations during talks with Chinalco. Chinalco, acting with US-based Alcoa Inc, bought 12 percent of Rio Tinto's London-listed shares for 14 billion US dollars last year. The transaction gave Chinalco and Alcoa an overall nine percent stake in the group. Share This Article With Planet Earth
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