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US body approves Rio Tinto bond issue

A UNITED States regulator granted clearance to Rio Tinto regarding the proposed issue of convertible bonds to Aluminum Corp of China and the indirect minority investment in Kennecott Utah Copper Corp, Chinalco, as the Chinese company is known, said last Friday.

The approval was given by the Committee of Foreign Investment in the United States, said Chinalco, China's largest aluminum producer.

In February, Chinalco agreed to invest US$19.5 billion in iron ore giant Rio Tinto of Australia, the world's third-largest mining company, to secure resource supplies for China and help cut Rio's heavy debt.

Under terms of the planned deal, Chinalco will invest US$7.2 billion in convertible bonds and US$12.3 billion for stakes in Rio Tinto iron ore, copper and aluminum operations.

This US green light follows approvals from the Australian Competition and Consumer Commission on March 25 and the German Federal Cartel Office on March 31.


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