Alcoa Inc. (NYSE: AA) announced today that it is partnering with
Aluminum Corporation of China ("Chinalco") to acquire 12 percent of
the UK common stock of Rio Tinto plc. Alcoa will contribute up to $1.2
billion to the total investment.
Commenting on the investment, Alain Belda, Alcoa Chairman and
Chief Executive Officer, said, "We have long believed that Rio Tinto
has a world-class portfolio of assets and is very well positioned to
prosper in the current mining cycle. This investment, made in
partnership with Chinalco, allows us to mutually benefit from
developments in the sector. We have known Chinalco for many years,
dating back to our participation in the successful launch of Chalco´s
IPO, and are looking forward to this new venture."
The investment will be made through a Special Purpose Vehicle,
called Shining Prospect Pte. Ltd. ("SPPL") created for this purpose.
SPPL is based in Singapore and wholly owned by Chinalco. Through its
investment, Alcoa will acquire an equity stake in SPPL commensurate
with its cash contribution to the investment.
About Alcoa
Alcoa is the world´s leading producer and manager of primary
aluminum, fabricated aluminum and alumina facilities, through its
growing position in all major aspects of the industry. Alcoa serves
the aerospace, automotive, packaging, building and construction,
commercial transportation and industrial markets, bringing design,
engineering, production and other capabilities of Alcoa´s businesses
to customers. In addition to aluminum products and components
including flat-rolled products, hard alloy extrusions, and forgings,
Alcoa also markets Alcoa(R) wheels, fastening systems, precision and
investment castings, structures and building systems. The Company has
107,000 employees in 44 countries and has been named one of the top
most sustainable corporations in the world at the World Economic Forum
in Davos, Switzerland. More information can be found at www.alcoa.com
