China takes stake in Rio, raising pressure on BHP
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China has muscled in on miner  BHP Billiton's  attempts to buy rival Rio Tinto ,  with its biggest aluminum producer teaming up with U.S. group  Alcoa  to buy a 12 percent stake in Rio.
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The move was an apparent effort to head off a huge mining merger that China feared could drive up prices.
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Rio Tinto Ltd/Plc  said  it would spend US$793 million as its share of the cost to  extend the Kestrel coal mine in Australia, as it looks to  internal growth to fight off an unwanted approach from rival  BHP Billiton.
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LONDON (Dow Jones)--Mining group Rio Tinto Ltd. (RTP) is considering trumping a GBP2.9 billion bid by rival Xstrata PLC (XTA.LN) for Australian nickel miner WMC Resources Ltd.
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Mining group BHP Billiton   is set for a make-over if it manages to gobble up Rio Tinto , jettisoning a range of mines to focus on core operations.
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BHP Billiton Ltd, has moved to maintain its Chinese market, securing further commitments to sell more than $US3.2 billion of iron ore to Chinese steel mills over the next decade.
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Rio Tinto , which is fighting  off a takeover approach from rival BHP Billiton , said  on Monday it would spend $71 million on a study to expand its  Hope Downs iron ore mine in Australia.
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The world's third biggest miner Rio Tinto Monday said it would invest 991 million US dollars to boost production at a coal mine in northeastern Australia to meet growing demand from Asia.
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Pressure mounted on China to allow its currency to float freely as the IMF's top official urged Chinese authorities to make the move now, while their economy is booming.
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MELBOURNE/SYDNEY  - Rio Tinto's   shares surged on Wednesday amid market talk that an improved offer had prompted the firm to open its books to suitor BHP Billiton   and media reports which said Rio had signaled a price at which it would sell out.
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Rio Tinto , which is fighting off a takeover approach from rival BHP Billiton , said on Monday it would spend $71 million on a study to expand its Hope Downs iron ore mine in Australia.
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China signed a deal here Monday to loan the mineral-rich Democratic Republic of Congo five billion dollars (3.6 billion euros) to build up infrastructure and develop its mining industry.
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Brazil recognized China as a market economy on Friday, a move that should make it easier for the two countries to do business. Brazilian oil giant Petrobras and China Petroleum and Chemical Corp. also agreed on a $1 billion deal to construct a natural gas pipeline.
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Chinese mining group Chinalco said on Friday it had teamed up with U.S. aluminum producer Alcoa  to buy a 12 percent in Rio Tinto .
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China's Foreign Ministry on Tuesday  denied the Chinese government would mount a legal challenge  against BHP Billiton's  proposal to take over rival  Australian miner Rio Tinto .
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The Chinese mining group Chinalco said that it had teamed up with the American aluminum producer Alcoa to buy a 12 percent in Rio Tinto.
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Aluminum Corp of China (Chinalco) sought  to douse speculation on Monday that it was preparing to mount a  counter bid to BHP Billiton  for Rio Tinto ,  saying it was happy to stick with the $14 billion stake it  bought last week.