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Rio Tinto wants to work with Chinalco: chief

Rio Tinto wants to work with Chinalco: chief

By AFP

SYDNEY: Anglo-Australian miner Rio Tinto said Tuesday it was interested in collaborating with Chinalco, months after rejecting a massive cash injection from the state-owned Chinese firm. Rio chief executive Tom Albanese also said the company hoped for a "timely and transparent resolution" of the case against top executive Stern Hu, who was arrested weeks after the 19.5 billion US dollar tie-up collapsed. "We are still keen to work with Chinalco in future on projects of mutual benefit," Albanese told a conference in Perth. "It is too early to say what these might be but I am encouraged that we have had some recent engagement," he added. "We want the underlying common interests between Rio Tinto and China to once again drive us towards ever-deepening co-operation." Rio snubbed Chinalco's offer in favour of a joint venture in Western Australia with bitter rival BHP Billiton in June. Albanese said a binding agreement was expected by December 5. In July, the arrest of Australian passport-holder Hu and three of his colleagues amid fraught iron ore contract talks also drove a wedge between Canberra and Beijing.