Chinalco confident of proposed investment in Rio Tinto - Mr Xiong

Platts citing Mr Xiong Weiping president of Chinalco as saying that aluminum Corporation of China also known as Chinalco, remains committed to the proposed USD 19.5 billion investment in Anglo-Australian miner Rio Tinto. The bid is still awaiting approval from Australia's Foreign Investment Review Board.

Mr Xiong said "We remain confident of the strategic alliance, adding that the company continued to wait for the final decision from FIRB. He said that the company had no other plan for the proposed Rio Tinto deal.

Mr Xiong said "I know nothing about the plan B, addressing questions whether the company had an alternate plan on the Rio deal. Chinalco remains keen on the Rio deal. He said that the FIRB said earlier this month it needed an additional 90 days to assess the deal. The decision is now due in mid June instead of March. He added that "The additional days required is according to the rules set by the FIRB and this doesn't mean they have any comments and this hasn't affected the reviewing procedures."

Mr Xiong said that the proposed deal would be beneficial to both Chinalco and Rio Tinto as well as Australia's national interest. He said that "We truly hope that the deal will be approved, adding that the transaction would not lead to any control of how Rio Tinto operates its business or the pricing of its products.¡±

Chinalco announced in February its proposal to acquire interests in relation to Rio Tinto's iron ore, bauxite, alumina, aluminium and copper assets, in addition to increased equity interest of up to an 18% stake in Rio Tinto.

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