News alert: Rio unveils Chinese white knight
Chinese state-run firm Chinalco agrees to pump US$19.5 billion into the troubled Anglo-Australian miner by buying convertible bonds and minority stakes in its aluminium, copper and iron ore mines. But analysts say the implications of the deal are mixed, with potential for an economic backlash.
Troubled Anglo-Australian miner Rio Tinto unveiled its white knight today (February 12) in Chinese state-run aluminum firm Chinalco, which agreed to pump US$19.5 billion into the firm amid reports of unhappy British shareholders and nervous Australian regulators.
China’s largest investment overseas is a much-needed lifeline for Rio, which
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