Market NewsCommentChina, Alcoa buy 12% stake in Rio Tinto

China, Alcoa buy 12% stake in Rio Tinto

Chinese mining group Chinalco and US aluminium producer Alcoa have purchased a 12% stake in Rio Tinto - 60% owner of the Diavik diamond mine in Canada, Reuters reported. The move comes days ahead of a deadline for BHP Billiton, the world's biggest miner, to make a firm offer for Rio Tinto or to drop its proposed takeover, which has so far been resisted by Rio. Chinalco and Alcoa said they did not currently intend to make an offer for Rio, but reserved the right to do so if Rio received a firm bid from a third party, the report said.

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