Australian Lawmaker Hockey Has Concerns Over Chinalco-Rio Deal

Australia¡¯s opposition treasury spokesman Joe Hockey has concerns about Aluminum Corp. of China¡¯s proposed $19.5 billion investment in Rio Tinto Group because it will control a large part of Australia¡¯s resources.

¡°We are very concerned about a foreign government controlled state-owned enterprise owning a large part of Australia¡¯s resources,¡± Hockey told the National Press Club in Canberra when asked if it should be approved. ¡°In relation to the conditions that will be applied, we¡¯ll wait and see what the treasurer comes up with.¡±

The Foreign Investment Review Board is studying the deal and will make a recommendation to Treasurer Wayne Swan, who can accept or reject its findings. Australia on April 23 conditionally approved China Minmetals Group¡¯s $1.2 billion bid to buy most of Oz Minerals Ltd.¡¯s mines, while Swan in March approved an investment by Hunan Valin Iron & Steel Group in Fortescue Metals Group Ltd., with conditions to avoid conflicts of interest over prices, sales and marketing.

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