China's state-controlled Chinalco on Thursday confirmed it had taken up its full entitlement to Rio Tinto's $15.2bn share issue to maintain its 9 per cent shareholding in the miner, depite the soured relationship between the two companies.
A Chinalco spokesman called it an economically rational decision to prevent the dilution of its ownership in the Anglo-Australian miner.
“Chinalco believes in the long-term prospects of the industry and will continue to explore opportunities to advance its strategic objectives. Chinalco will, as the company's current largest single shareholder, continue to monitor developments at Rio,” he said.
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