Platinum’s rare nature gives it additional value and appeal

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Marco Carniello: We want to continue to be the engine boosting the jewellery industry

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The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

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16 august 2021

Chinalco May Invest $20 Billion in Rio Debt, Mines

11 february 2009

Aluminum Corp. of China, the nation’s biggest producer of the metal, may invest as much as $20 billion in Rio Tinto Group to gain more access to commodities, a person with knowledge of the matter said, according to Bloomberg.
Chinalco, as the company is known, is in talks to buy bonds that will convert into Rio shares and purchase stakes in Rio mines, the person said, declining to be identified as the details aren’t public. An announcement is planned for Feb. 12 when Rio publishes its annual earnings, the person said. Rio’s stock gained 6.2 percent in Sydney trading.
Rio last week said it was in talks with Chinalco to raise cash by selling notes and parts of some units to reduce its $38.9 billion of debt. Chairman-elect Jim Leng quit last week, after less than a month, because of a disagreement over how to cut debt at the company, which is also considering a broader share sale.
 “Rio would get the cash they need and Chinalco would get greater access to the natural resources that they need,” Tobias Woerner, an analyst at MF Global Securities Ltd. in London, said yesterday by telephone. “Unless you think the China story is over, Chinalco are going to need those resources and this deal would deliver them at a potentially more attractive rate than only a year ago.”
London-based Rio, which plans to sell assets and cut jobs and spending to lower debt by $10 billion this year, said Jan. 28 it was considering a rights offer to help reduce debt. It has debt of $38.9 billion after buying Canadian aluminum maker Alcan Inc. in 2007.
Chinalco may be interested in Rio’s bauxite and alumina assets at Weipa, Gove and Yarwun in northern Australia, Credit Suisse Group’s Sydney-based analyst Paul McTaggart wrote yesterday in a report. Bauxite is an ore refined into alumina, which is used to make aluminum.

Interfax