Chinalco Agrees to Invest $19.5 Billion in Rio’s Debt, Mines

Chinalco Agrees to Invest $19.5 Billion in Rio’s Debt, Mines


Feb. 12 (Bloomberg) -- Aluminum Corp. of China agreed to invest $19.5 billion in debt-laden Rio Tinto Group, gaining access to copper and iron ore resources in the nation’s largest overseas acquisition.

Chinalco, as the state-owned company is known, will buy $7.2 billion of convertible bonds and acquire stakes in some copper, iron ore and aluminum projects for $12.3 billion, London-based Rio said in a statement.

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