Chinese firm buying into Rio iron mine in Guinea
A state-owned Chinese company is buying a stake in a Rio Tinto Ltd. iron mine in Guinea in West Africa for $1.4 billion in the latest of a global wave of Chinese resource investments, a newspaper reported Thursday.
By Agencies |
BEIJING: A state-owned Chinese company is buying a stake in a Rio Tinto Ltd. iron mine in Guinea in West Africa for $1.4 billion in the latest of a global wave of Chinese resource investments, a newspaper reported Thursday.
A spokeswoman for the Chinese company, Aluminum Corp of China, or Chinalco, said she could not confirm the report. The spokeswoman, Li Tangdi, said Chinalco planned to hold a signing ceremony later Thursday but would not say for what.
China's state-owned 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 Shanghai Securities News said, without citing a source. It said Rio would retain 53 percent of the project.
A Rio spokesman in Australia, David Luff, declined to comment. Trading in Chinalco shares was suspended in Shanghai and Hong Kong on Wednesday pending what the company said was discussion of an unspecified ``significant issue.''
A spokeswoman for the Chinese company, Aluminum Corp of China, or Chinalco, said she could not confirm the report. The spokeswoman, Li Tangdi, said Chinalco planned to hold a signing ceremony later Thursday but would not say for what.
China's state-owned 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 Shanghai Securities News said, without citing a source. It said Rio would retain 53 percent of the project.
A Rio spokesman in Australia, David Luff, declined to comment. Trading in Chinalco shares was suspended in Shanghai and Hong Kong on Wednesday pending what the company said was discussion of an unspecified ``significant issue.''
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