“Depending on the market, we will look at converting our convertible bonds into equity. But
we have no plans for increasing our stake beyond that,” he said. “We view this from the angle of creating financial returns.”
He also said he did not consider Chinalco's earlier acquisition of a 9 per cent stake in Rio Tinto a mistake, in spite of the drastic slide in Rio's share price since then. “I am convinced that the share price will rise a lot from where we are now,” he said.
Mr Xiao rejected the idea that the investment would not just serve the company's commercial interests but also Chinese political interests, such as boosting China's overall global influence.
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