Australia Says Decision on Chinalco Is Unaffected by Minmetals

Australia¡¯s decision whether to approve Aluminum Corp. of China¡¯s $19.5 billion investment in Rio Tinto Group will be unaffected by the rejection of a planned transaction by China Minmetals Group, the finance minister said.

Rulings on whether to allow foreign investments in Australia depend on the circumstances and merits of the individual deal, Lindsay Tanner said today on Sky News. The rejection of the Minmetals transaction on national security grounds is a ¡°one-off,¡± he said.

Australia¡¯s Foreign Investment Review Board on March 16 extended its investigation into state-owned Chinalco¡¯s proposed investment in Rio. Treasurer Wayne Swan on March 27 said he wouldn¡¯t approve Minmetals¡¯ planned A$2.6 billion ($1.8 billion) takeover offer for OZ Minerals Ltd. if it included the Prominent Hill copper and gold mine, which is located close to a weapons- testing site in South Australia.

OZ declined comment today on negotiations taking place over the weekend, spokeswoman Natalie Worley said by telephone.

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