Anglo-Australian miner Rio Tinto PLC (RTP) has other options if its $19.5 billion transaction with Aluminum Corp. of China, or Chinalco, fails, Rio Tinto's chief financial officer, Guy Elliot said Thursday.

"Like any prudent company, in these uncertain times, it is of course sensible to consider contingencies," he said after speaking at the Asia Mining Congress in Singapore. "This is the way we always work."

What's proposed is an investment by Chinalco in Rio Tinto, with the Chinese company increasing its interest to 18% from 9%.

Elliot said Rio Tinto thought a rights issue of up to $10 billion was possible, which would cover their 2009 debt exposure.

"A rights issue was a serious possibility right until the board took the decision on Chinalco," Elliot said at the conference.

But he added that a rights issue wouldn't help cover its debt obligations in 2010 and would stymie the company's ability to tap the equity markets again if needed.

The miner chose the Chinalco deal instead because it could cover both debt requirements in 2009 and 2010, he added.

"Our board was unanimous in recommending the Chinalco transaction and we believe it remains the right transaction for Rio Tinto," he said.

Company Web site: www.riotinto.com

-By Alex MacDonald and James Campbell, Dow Jones Newswires; +44 (0)20 7842 9328; alex.macdonald@dowjones.com