Rio Tinto (RTP) could clash with the Australian government over plans to sell part of the mining company to Aluminum Corp. of China (601600.SH), or Chinalco, the Chinese state metals group, according to U.K. newspaper The Times on Monday.
Rio is in talks with Chinalco about raising money to help to meet its huge debts. At stake is a plan to raise up to $15 billion through minority stake sales in Rio's mines, the newspaper said. The Anglo-Australian group may also issue a convertible bond that would allow Chinalco to raise its stake in the company from 9% to about 15%, the newspaper said.
However, Canberra has imposed a limit of 11% on Chinalco's ownership of Rio and is understood to be concerned about strategic iron ore and coal assets falling into Chinese hands, according to The Times.
Newspaper Web site: http://timesonline.co.uk
it happened - the white knight, page-3
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