Rio Tinto sells China aluminium stake

Archiv – Mining and metal producer Rio Tinto has agreed to sell its half in a Chinese aluminium smelting joint venture to its partner Qingtongxia Aluminium. The deal isexpected to be completed early next year, executives at the two companies said.China | Mining and metal producer Rio Tinto has agreed to sell its half in a Chinese aluminium smelting joint venture to its partner Qingtongxia Aluminium. The deal isexpected to be completed early next year, executives at the two companies said.
Rio, which is trying to sell up to $US30 billion in assets to pay off debt, acquired the stake in the joint venture when it bought Canada-based aluminium group Alcan last year. The venture is capable of up to 150,000 tonnes of aluminium smelting a year.
Both Rio spokesman Jim Singer and a senior Qingtongxia executive declined to say how much Rio agreed to sell the stake for because the sale was yet to be finalized. Alcan paid about $US150 million in 2004 for the half-interest.