Chinalco and Alcoa Acquire 12% Stake in Rio Tinto     

The Aluminum Corporation of China (Chinalco), the largest nonferrous metal producer in China, announced on February 1st that the state-owned aluminum company and its U.S. partner Alcoa Inc. have acquired a 12% of the UK common stock of Rio Tinto.
   The deal was made through Shining Prospect Pte. Ltd. (SPPL) created for this purpose. SPPL is based in Singapore and wholly owned by Chinalco.
   Chinalco is the second largest alumina producer worldwide with 2007 operating revenue of approximately RMB130 billion and net profit surpassing RMB20 billion for the second year in a row.