Aluminum Corp. of China, or Chinalco, is aware of differing opinions among Rio Tinto PLC (RTP) shareholders about its investment in the Anglo-Australian miner, but Chinalco President Xiong Weiping said the company hasn't received any request to renegotiate the deal.

"I believe Rio's management has capability and enough reason to explain (the deal) to shareholders," Xiong said Friday.

Xiong replaced Xiao Yaqing as Chinalco's president on Feb. 18. Xiao signed a US$19.5 billion investment deal with Rio Tinto PLC (RTP) - China's biggest foreign investment - before he left the state-owned company to become the deputy secretary-general of the State Council, China's Cabinet.

The deal gives Chinalco minority stakes in a range of assets and convertible bonds that could ultimately give it an 18% stake in the miner.

The investment in Rio by China's biggest aluminum producer by output has raised concerns from Rio's shareholders and Australia's politicians, who deem the deal to be a threat to shareholders' and Australia's interests.

After Rio and Chinalco disclosed details of the deal, some Rio shareholders said there could be a conflict of interest, because the state-owned company would gain seats on Rio's board and could represent the interests of China's government - a major consumer of the raw materials Rio produces.

However, Xiong said: "I didn't notice that Rio's shareholders are opposing Chinese companies, they are mostly dissatisfied with the management team."

He reiterated that Chinalco's investment in Rio is purely "commercial."

"Chinalco is only Rio's shareholder, and we will leave Rio's management team to run the business," Xiong said, adding that Rio will act in the interest of its shareholders in iron-ore price talks.

Xiong said financing of the investment will put pressure on his company's operations, but Chinalco remains confident of Rio's business prospects.

"The investment will bring Chinalco real profit over the long-term," Xiong said.

He declined to give details about how the company will fund the deal, but said the state-owned company will reach financing agreements with a group of domestic policy and commercial lenders by March 30.

Xiao Yaqing, the former president of Chinalco, earlier said two policy banks - China Development Bank and the Export-Import Bank of China - will lead a group of local financial institutions to support the deal. The combination of local lenders, mostly state-owned, has raised concerns that the Chinese government is behind the deal.

Chinalco submitted a proposal for the deal to Australia's Foreign Investment Review Board immediately after it announced the details of the deal Feb. 19, Xiong said.

The deal will need approval from Australian Competition and Consumer Commission and the Foreign Investment Review Board.

Earlier, Australian Treasurer Wayne Swan said the government will examine the deal particularly closely and the decision on whether to approve the transaction is a "tough" one.

-By Shai Oster and Juan Chen; Dow Jones Newswires; 8610 6588 5848; juan.chen@dowjones.com