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Chinalco Defies Rio's Plan B, and China Steel Makers Resist 20% Iron Ore Price Drop
- China Aluminium Network
- Post Time: 2009/4/10
- Click Amount: 510
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Showing no interest in the report about Rio Tinto抯 alternative plan of offering an additional $8 billion, Chinalco continues to prepare for its capital injection into Rio Tinto.
According to the Sunday Times, after signing the capital injection agreement of $19.5 billion with Chinalco, Rio Tinto has also formulated an alternative plan together with international investment banks, according to which it will issue $8 billion (about ?.4 billion) of new shares, with JPMorgan, Cazenove and Credit Suisse as underwriters, if the capital injection plan is rejected.
On March 27, Rio Tinto CFO Guy Elliott made a brief statement of their 揚lan B? in case Chinalco抯 capital injection plan is forced to be canceled.
Rio Tinto must repay over $18 billion of bank loans at the end of 2010. In October of this year alone debt totaling $8.9 billion will be due.
According to the report of China Business News, Chinalco seems to be very confident in the deal with Rio Tinto.
China Iron & Steel Association (CISA) has certainly opposed Rio Tinto抯 suggestion of a temporary 20% price cut, stating that the price cut is too low as well revealing it had requited steel companies to place iron ore orders according to 60% of the contract price in 2008, and make adjustment after this year抯 price is decided. Source: www.chinastakes.com
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