Yesterday was a difficult day for mining company Rio Tinto. Australia's investment watchdog, the Foreign Investment Review Board FIRB, announced it will defer a decision on a proposed investment by Chinese state-owned enterprise Aluminum Corporation of China Chinalco in Rio Tinto for a period of 90 days. And a Rio Tinto shareholder, Australian Foundation Investment AFI, went public with its disquiet over how much control Chinalco could potentially exert over Rio Tinto should the deal progress.
Rio Tinto issued a statement to the Australian Securities Exchange enclosing the gazetted notice and saying the deferral by FIRB was as expected.
Under the terms of the deal, which was announced on February 12, diversified...
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