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Wednesday, August 26, 2009

Chinalco 'More Mature' in Overseas Expansion After Rio Rejection

Tuesday, 25 August 2009

Aluminum Corp. of China’s rejection by the Rio Tinto Group for invesments in its mines will make the company “more mature” in regards to expanding overseas and has led it to place more importance on cooperation and successful outcomes, Chairman Xiong Weiping said at a news briefing in Shanghai today. Rio in June rejected Chinalco’s investment in its mines amid objections from Australian politicians and shareholders. The London-based company instead chose to create an iron ore venture in Western Australia with rival BHP Billiton Ltd., to save costs.
Source: Bloomberg