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Rio Tinto Puts Brakes On Chinalco Deal

June 5th 2009 15:00
Rio Tinto BHP shares iron ore Chinalco
Mining giant Rio Tinto has rejected a 24billion dollar buy in of 19 per cent by China’s Chinalco in favour of a deal with BHP. Instead Rio Tinto announced it will raise 15 billion from its shareholders for a joint venture with BHP on its iron ore operations in Western Australia’s Pilbara region. The 5 billion dollar merger between two of the biggest iron ore producers will give them strong leverage over the price of iron ore, once markets normalize.

The decision, which is bound to thwart Chinese steel producers, excuses Prime Minister Rudd of making a sensitive decision an whether to allow the Chinalco deal, preventing further loss of face and a voter backlash in Australia.

Shares of both Rio Tinto and BHP rose significantly following news of the agreement.

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Posted By: GlenB - Category: News
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