Anglo-Australian mining giant Rio Tinto said it remains committed to a US$19.5 billion investment from Aluminum Corp of China (Chinalco), Bloomberg reported. Rio hopes the investment will help it reduce its US$38.9 billion of debt, but it has faced difficulty in convincing Australian regulators and its other investors. Last week, Chinalco signaled that it might be willing to make its investment without taking a stake in Rio Tinto’s Hamersley iron ore mine in Australia if that would help to ensure the success of the deal. While Rio has said a Chinalco investment would be the best way to cut its debt, UBS said miner BHP Billiton might also offer to help the firm raise capital.
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