Last Updated :
29 July 2010 at 13:45 IST
Chinalco to buy stake in Rio’s Guinea mine
China’s state owned Aluminum Corp. of China (Chinalco) is in talks to buy stake in a Rio Tinto Ltd. iron mine in West African nation Guinea for $1.4 billion.
According to reports Chinalco planned to hold a signing ceremony later Thursday but would not say for what.
China's mining and energy companies have made a series of multibillion-dollar resource investments abroad. They are flush with cash from the country's economic boom and are hoping to profit from future global resource demand.
Chinalco will pay $1.4 billion for a 47 percent stake in Rio's Simandou mine in Guinea, the reports said. It added that Rio would retain 53 percent of the project.
However this news remained unconfirmed.
MCX COPPER MINI 29 June 2012
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