China may seek to increase its stake in Rio Tinto

The Australian Financial Review cited Mr Robert Friedland founder of Ivanhoe Mines Ltd as saying that China may seek to increase its stake in Rio Tinto Group to block BHP Billiton Ltd¡¯s hostile AUD 160 billion takeover attempt.

He said that Aluminum Corp of China, known as Chinalco may increase its 9 percent stake in Rio Tinto to prevent BHP Billiton from creating an iron ore cartel similar to the Organization of the Petroleum Exporting Countries.

Mr Friedland said that the merger of Rio Tinto and BHP creates an Opec. Opec controls about 41% of the world's oil production. He said that you put BHP and Rio Tinto together and you have about that same concentration in iron ore.''

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