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Rio Tinto-Chinalco $19.5B deal foiled

(Agencies)
Updated: 2009-06-05 10:17

SYDNEY -- Anglo-Australian miner Rio Tinto PLC has ended its $19.5 billion deal with Chinese firm Chinalco.

Related readings:  Chinalco deal 'win-win' for Australia-China: Chinese ambassador  Rio shares climb on Chinalco deal news  Chinalco's roadblocks decreasing  Four Chinese banks to lend Chinalco $21b to fund Rio Tinto deal  Australia competition body won't block Rio-Chinalco

A statement from Rio Tinto on Friday said the Chinalco deal has been "terminated." Rio Tinto says it will instead seek to raise about $15.2 billion by selling shares.

Rio Tinto and its rival and former suitor BHP Billiton announced Friday that they will set up a production joint venture comprising all of their iron ore assets in Western Australia state, in a move expected to save them billions.

The companies have signed a nonbinding agreement to establish the 50/50 joint venture, which covers all current and future iron ore assets and liabilities.