Alcoa invests $1.2bn

News

Alcoa announced today that it is partnering with Aluminum Corporation of China to acquire 12 per cent of the UK common stock of Rio Tinto.

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.

Register now to continue reading

Thanks for visiting The Engineer. You’ve now reached your monthly limit of news stories. Register for free to unlock unlimited access to all of our news coverage, as well as premium content including opinion, in-depth features and special reports.  

Benefits of registering

  • In-depth insights and coverage of key emerging trends

  • Unrestricted access to special reports throughout the year

  • Daily technology news delivered straight to your inbox

Register
Or continue by

Signing in with your registered email address