Rio to sell China aluminium stake to Zhongjin

Reuters reported that Rio Tinto plans to sell its 27% stake in a Chinese aluminium processing joint venture to its partner Shenzhen Zhongjin Lingnan Nonfemet.

Rio, which is trying to sell assets to pay off debts acquired the stake in the joint venture, Nonfemet International Aluminum Co Ltd, when it bought Canada-based aluminium group Alcan in 2007.

Zhongjin said in a statement in the official China Securities Journal the transaction was required by Alcan global industry adjustment, adding that the value of the deal was USD 3 million.

Late last year, the Anglo-Australian miner had agreed to sell its half in a Chinese aluminium smelting joint venture to its partner Qingtongxia Aluminium.

Shenzhen Zhongjin Lingnan Nonfemet paid USD 29.8 million for 50.1% in Perilya Mining in Australia.

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