Chinalco says may up Rio stake if conditions right

Chinese aluminium maker Chinalco, which holds a minority stake in Anglo-Australian miner Rio Tinto, may raise its stake if market conditions are right but it has no timetable for such a move, its president said.

"Under the right market conditions, this is an option, it is possible. But we have not decided when,'' Xiao Yaqing said in Shanghai.

Chinalco and US aluminium firm Alcoa jointly purchased 12 percent of Rio's London-listed shares, or 9 percent of the total equity of the firm, in January.

The companies have won Australian government approval to raise their combined stake to 14.99 percent of the shares in Rio, equating to about 11 percent of the Rio Group.

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