Alcoa
announced today that it is partnering with Aluminum Corporation of
(Chinalco) to acquire 12 per cent of the
common stock of London-based Rio Tinto. Alcoa will contribute up to $1.2bn to the total investment.
Commenting on the investment, Alain Belda, Alcoa chairman and chief executive officer, said, ‘We have long believed that Rio Tinto has a world-class portfolio of assets and is very well positioned to prosper in the current mining cycle. This investment, made in partnership with Chinalco, allows us to mutually benefit from developments in the sector.
‘We have known Chinalco for many years, dating back to our participation in the successful launch of Chalco’s IPO, and are looking forward to this new venture.’
The investment will be made through Shining Prospect (SPPL), which is based in Singapore and wholly owned by Chinalco. Through its investment, Alcoa will acquire an equity stake in SPPL commensurate with its cash contribution to the investment.
Glasgow trial explores AR cues for autonomous road safety
They've ploughed into a few vulnerable road users in the past. Making that less likely will make it spectacularly easy to stop the traffic for...