Chinalco Undecided on Rio Tinto Rights Issue

飞雪寒冰

Aluminum Corporation of China or Chinalco, the country's top aluminium and alumina producer, has not decided if it will participate in a planned rights issue by Australian miner Rio Tinto, a company official said.

Earlier this month, Rio Tinto announced its withdrawal from a proposed US$19.5 billion tie-up with the state-owned Chinese company in favor of a US$15.2 billion rights issue.

On June 16, dual-listed Rio Tinto confirmed that the rights issue would be priced at A$28.29 per share in Australia and 14 British Pounds in London, with 21 new shares offered for every 40 shares held.

Chinalco has registered with Rio Tinto for possible participation in the issue, though the official told Caijing on June 16 that "registration does not mean the company will definitely buy; we have not yet decided."

The new shares are due to become tradable on the stock market after July 2.

飞雪寒冰

If the Chinese miner decides against taking new shares under the rights issue plan, its 9.3 percent existing stake in Rio would be diluted and the company may lose its status as Rio Tinto’s largest single shareholder.

The rights issue will help Rio Tinto reduce net debt to around US$23.2 billion, exceeding a commitment made in December 2008 to cut net debt by US$10 billion by the end of 2009, Rio has said.

The world's third-largest miner said earlier that it remains interested in future collaboration with Chinalco and continues to recognize the importance of the China market.

Chinalco also said it will continue to explore opportunities overseas to achieve its goal of becoming a global metals company despite the failure of the Rio Tinto deal.

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