Chinalco is set to participate in Rio Tinto's rights issue, maintaining its stake in the miner just one month after the Chinese group walked away from a deal that would have seen it invest $19.5bn in return for holdings in nine of Rio's mining assets.
People close to Chinalco say the state-owned group has exercised its full rights in the issue, keeping its ownership stake in Rio at the current size of 9 per cent – still well below the 19 per cent it would have risen to under last month's aborted capital injection plan.
The rights issue closed at 11am London time yesterday, and Chinalco is expected to make a full announcement confirming its take-up of the shares today.