Rio stikes $20bln Chinalco deal

February 12, 2009

The world's No. 3 miner, Rio Tinto, will receive almost $20 billion from China's state-run Chinalco in cash and stocks. But the deal, which doubles Chinalco's stake in the debt-ridden miner to 18 percent, needs approval from regulators and would see China become an overwhelming force in controlling the world's raw materials.