NEW YORK--(BUSINESS WIRE)--Feb. 01, 2008
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®
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
CONTACT: Alcoa
Media:
Kevin Lowery
Mobile: +1-724-422-7844
[email protected]
or
Investors:
Greg Aschman, 212-836-2674
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®
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
CONTACT: Alcoa
Media:
Kevin Lowery
Mobile: +1-724-422-7844
[email protected]
or
Investors:
Greg Aschman, 212-836-2674