ID :
112926
Mon, 03/22/2010 - 16:40
Auther :
Shortlink :
http://m.oananews.org//node/112926
The shortlink copeid
CHINALCO SEES MORE DEALS WITH MINING IN MONGOLIA
Ulaanbaatar, /MONTSAME/ Reuters cited Mr Xiong Weiping president of Chinalco as saying that company will further expand into overseas resources and its confidence remains undimmed by the failure to raise its stake in Rio Tinto.
He said,"We will make some breakthroughs in overseas development this year. Chinalco, which plans to focus increasingly on copper, rare metals and coal, burst onto global investors' radars by investing in Rio Tinto in February 2008, a deal that helped to derail a merger plan between Rio and its rival BHP Billiton and made Chinalco the global mining dealmaker to watch. But USD 19.5 billion bid to double its stake in Rio Tinto last year came unstuck when the Anglo Australian company spurned its advances in favor of a tie up with BHP.
"This will not affect Chinalco's development and confidence in resolutely implementing its strategy of becoming an international mining company. Chinalco, the top shareholder in Rio with a 9.3% stake in the mining group has no plans to sell its shares. Our investment in Rio was because we are optimistic about the global mining industry and the potential value of Rio. Currently, there are lots of rumors about this. But I can tell you, being the responsible person, that we do not have any plans or discussions about selling nor any plans or discussions about disposing of the stake in Rio Tinto."
He said that Chinalco's strategy is to focus on shifting production to areas that are rich in resources and energy and concentrating on major consuming markets, as well as upgrading technology and saving energy, in China and overseas. It is building a coal business to add to its existing business divisions. The company is in talks with many potential partners, including Rio and hoped to participate in Oyu Tolgoi, the Mongolian copper gold project being developed by Rio's partner Ivanhoe Mines.
Mr Xiong said,"Since Chinalco is the largest non-ferrous metal company in China and China has a geographic advantage with Mongolia, we believe that having a big company like Chinalco involved would give some helpful impetus to the project."
S.Batbayar
He said,"We will make some breakthroughs in overseas development this year. Chinalco, which plans to focus increasingly on copper, rare metals and coal, burst onto global investors' radars by investing in Rio Tinto in February 2008, a deal that helped to derail a merger plan between Rio and its rival BHP Billiton and made Chinalco the global mining dealmaker to watch. But USD 19.5 billion bid to double its stake in Rio Tinto last year came unstuck when the Anglo Australian company spurned its advances in favor of a tie up with BHP.
"This will not affect Chinalco's development and confidence in resolutely implementing its strategy of becoming an international mining company. Chinalco, the top shareholder in Rio with a 9.3% stake in the mining group has no plans to sell its shares. Our investment in Rio was because we are optimistic about the global mining industry and the potential value of Rio. Currently, there are lots of rumors about this. But I can tell you, being the responsible person, that we do not have any plans or discussions about selling nor any plans or discussions about disposing of the stake in Rio Tinto."
He said that Chinalco's strategy is to focus on shifting production to areas that are rich in resources and energy and concentrating on major consuming markets, as well as upgrading technology and saving energy, in China and overseas. It is building a coal business to add to its existing business divisions. The company is in talks with many potential partners, including Rio and hoped to participate in Oyu Tolgoi, the Mongolian copper gold project being developed by Rio's partner Ivanhoe Mines.
Mr Xiong said,"Since Chinalco is the largest non-ferrous metal company in China and China has a geographic advantage with Mongolia, we believe that having a big company like Chinalco involved would give some helpful impetus to the project."
S.Batbayar
