Rio, Chinalco Delay Yarwun Funding Deadline to June

Aluminum Corp. of China and Rio Tinto Group agreed to a second extension of a funding deadline for the Yarwun 2 alumina refinery expansion in Australia, pending project evaluation and approvals.

Chinalco, as the state-owned company is known, has until June 15 to confirm participation in funding of the expansion of the Rio project, London-based Rio said in a statement to the Australian Stock Exchange. The deadline was extended to May 31 from March 31, in March.

Chinalco is seeking Australian government approval for a proposed $19.5 billion investment in Rio, including a 50 percent stake in the existing Yarwun refinery. Australia¡¯s Foreign Investment Review Board is scheduled to make a recommendation on the Chinalco deal to Treasurer Wayne Swan by the middle of June.

Construction of Yarwun 2 is 29 percent complete, Rio said today.

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