Chinalco, Rio signal future cooperation

The Aluminum Corp of China (Chinalco) has said it remains open to talks with mining giant Rio Tinto about cooperating in bauxite and alumina production, the Wall Street Journal reported. Lu Youqing, Chinalco’s vice president, made the announcement in response to comments by Rio chief financial officer Guy Elliott to Australian media saying that the two companies were in early stage discussions. The possible talks signal a thaw in relations after the failure of the two companies’ US$19.5 billion alliance earlier this year and the charging of four Rio employees by authorities in Shanghai for allegedly stealing commercial secrets. Chinalco is Rio’s largest shareholder with a 9.3% stake and the two companies own adjacent bauxite deposits in the Australian state of Queensland. They have held talks regarding cooperation around that area in recent years.