Chinalco VP:Willing To Discuss Alumina,Bauxite Deal With Rio
August 23 2009 - 10:45PM
Dow Jones News
Aluminum Corp. of China (ACH), also known as Chinalco, is
willing to open discussions with Anglo-Australian miner Rio Tinto
Plc (RTP) for cooperation in bauxite and alumina production,
Chinalco's vice president Lu Youqing told Dow Jones Newswires
Monday.
Lu was responding to comments by Rio Tinto's chief financial
officer Guy Elliott, reported by the Australian Financial Review
Monday, that the miner is in very early stages of talks with
Chinalco on a possible bauxite and alumina deal.
"We've indicated that we're willing to talk, but I know of no
other details to share for now," Lu said.
Elliott told analysts the talks have only just started and are a
long way from materializing, the Australian Financial Review
said.
The indications from both sides of renewed talks signal a thaw
in relations after Rio Tinto abandoned a $19.5 billion alliance
with Chinalco earlier this year. Even after Rio Tinto employees
were accused by the Chinese government of bribery and commercial
espionage in relation to annual iron ore price talks, Chinalco had
also taken pains to distance itself from the affair, publicly
saying that the Rio case wasn't linked to the failed Rio-Chinalco
deal.
-By Chuin-Wei Yap, Dow Jones Newswires; 8610 6588 5848;
chuin-wei.yap@dowjones.com