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Chinalco makes fresh overtures to Rio Tinto
Aluminum producer in talks with Anglo-Australian miner on projects BEIJING: Aluminum Corp of China (Chinalco), the nation's largest aluminum producer, is in talks with Anglo-Australian miner Rio Tinto Group on potential projects amid reports that they wil
Aluminum producer in talks with Anglo-Australian miner on projects
BEIJING: Aluminum Corp of China (Chinalco), the nation's largest aluminum producer, is in talks with Anglo-Australian miner Rio Tinto Group on potential projects amid reports that they will jointly develop a $12 billion iron-ore project.
Rio CEO Tom Albanese will attend the China Development Forum in Beijing this weekend, alongside chief executives of other foreign companies, Bloomberg News said on Monday.
"An objective for 2010, and one that I am particularly focused on, is to strengthen our relationship with China," Albanese said in the annual report released on Monday, according to Bloomberg.
"China is our largest source of short-term demand growth," he said.
"We will continue to work towards extending our relationship with Chinalco and to pursue business opportunities that may be to our mutual benefit," Rio Chairman Jan du Plessis said.
Chinese companies spent more than $30 billion buying up mines and oil deposits globally last year, taking advantage of the global recession to add resources to feed domestic economic growth.
Rio is also in talks with Chinalco on the Oyu Tolgoi copper and gold project in Mongolia, iron-ore exploration in China, and bauxite and alumina refining in Australia, the Sydney Morning Herald said.
Chinalco President Xiong Weiping told Reuters on Sunday that the company is in talks with many potential partners, including Rio, and hoped to participate in Oyu Tolgoi.
Bloomberg News contributed to this story.
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