Chinalco: Expected Australia To Extend Review Of Rio Deal
March 17 2009 - 7:37AM
Dow Jones News
Aluminum Corp. of China, or Chinalco, said it expected Australia
to extend a review of its proposed US$19.5 billion investment in
Rio Tinto Ltd. (RTP), and that it doesn't see any biased stance
from the country's Treasury department.
The extension of the review by 90 days is "standard procedure"
and was expected because of the deal's size, complexity, and
sensitivity, Chinalco said in a statement posted on its Web site
Monday.
Australia's Treasury department confirmed the extension Monday
to "enable due consideration" of the proposed deal. A 90-day
extension of an initial 30-day review period is normal procedure
under the Australian system when more time is needed by the Foreign
Investment Review Board for its deliberations.
"Chinalco will continue to cooperate with the Foreign Investment
Review Board," the company said in the statement.
-Juan Chen contributed to this story; Dow Jones Newswires; 8610
6588 5848; juan.chen@dowjones.com