Rio Tinto scraps deal with Chinese firm Chinalco
June 5th, 2009 | by rarzi |Anglo-Australian miner Rio Tinto PLC has ended its $19.5 billion deal with Chinese firm Chinalco.
A statement from Rio Tinto on Friday said the Chinalco deal has been “terminated.” Rio Tinto says it will instead seek to raise about $15.2 billion by selling shares.
Rio Tinto and its rival and former suitor BHP Billiton announced Friday that they will set up a production joint venture comprising all of their iron ore assets in Western Australia state, in a move expected to save them billions.
The companies have signed a nonbinding agreement to establish the 50/50 joint venture, which covers all current and future iron ore assets and liabilities.
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