Australian watchdog gives nod to Chinalco-Rio deal

MELBOURNE: Australia's competition watchdog said on Wednesday that it will not stand in the way of China's Chinalco investing 19.5 billion US dollars in Anglo-Australian mining giant Rio Tinto.

However, the deal is yet to clear its major hurdle, the Australian government, which is examining it under foreign investment review laws.

The Australian Competition and Consumer Commission said the proposed investment was "unlikely to result in a substantial lessening of competition".