Friday March 27, 01:51 PM
Chinalco 'agrees loans' to fund Rio Tinto deal
BEIJING (AFP) - Aluminum Corp of China, or Chinalco, signed loan agreements Friday with four Chinese banks to fund its 19.5-billion-dollar investment in mining giant Rio Tinto (LSE: RIO.L - news) , Chinese state media said.
The state-run Bank of China (BOC) was one of the four, state news agency Xinhua said, quoting BOC, with the agreements totalling 21 billion dollars in syndicated loans.
Xinhua's report did not say which other banks were involved.
But Caijing magazine earlier reported the other lenders were state-run Agricultural Bank of China, and two policy lenders which work exclusively on government-assigned projects -- China Development Bank and Export-Import Bank of China.
Australia's competition watchdog said on Wednesday it would not block Chinalco's investment in Rio Tinto.
But the deal has yet to clear a major hurdle as the Australian government is examining it under foreign investment review laws.
Australia's politicians have voiced concerns about the Chinalco deal, which would be China's largest-ever foreign investment.
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