Chinalco to increase stake in Rio Tinto

Chinalco, the parent of Aluminum Corp of China, is planning to buy more shares in Rio Tinto in partnership with Alcoa, disclosed Chalco's president Luo Jianchuan.

If the deal is completed, the two aluminum smelters will increase their collective shareholding in Rio Tinto to 49.9 percent.

Luo declined to unveil the details and the price to be paid.

Chalco tied up with Alcoa to buy in a 12 percent stake in Rio Tinto for 14.05 billion yuan in early 2008.

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