Chinalco boss gets Chinese government post amid negotiations with Rio Tinto

THE head of a state-owned Chinese aluminium producer that is negotiating a $19,5bn deal to invest in global miner Rio Tinto Group was named to a State Council post , the Chinese government said yesterday.

Xiao Yaqing of Aluminium Corporation of China, or Chinalco, will be a deputy secretary-general of the State Council, or cabinet. The council¡¯s announcement gave no indication why Xiao who has no known government experience, was picked for such a high-level post. Bosses of Chinese banks, oil producers and other state companies routinely alternat e between government and corporate jobs but usually start at lower levels.

Chinalco is trying to secure Australian regulatory approval to increase its stake in Anglo-Australian miner Rio Tinto for $19,5bn. Australia¡¯s Foreign Investment Review Board said last week it would investigate the plan for another 90 days before making a recommendation to Treasurer Wayne Swan, who says he will approve it only if it is in the national interest.

Xiao¡¯s appointment comes amid a flurry of foreign investments by China¡¯s resource companies. Flush with cash, they are pursuing acquisitions abroad despite financial turmoil. Reuters

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