RIO Tinto has allowed Shenzhen Zhongjin to increase its stake in an aluminium processing joint venture up to 72%.
The Chinese smelter increased the stake by 17% which cost it $2.7 million.
Shenzhen Zhongjin claims that Rio Tinto Alcan offered to sell its 27% holding due to the demands of its global restructuring in its attempt to reduce debt.
Shenzhen Zhongjin has not said why it didn’t buy all of the shares that Rio offered.
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