Rio Tinto Said to Consider $15 Billion Stock Sale

Rio Tinto Group, the third-largest mining company, is considering a plan to raise as much as $15 billion in a stock sale after rejecting an investment from Aluminum Corp. of China, two people involved in the talks said.

Rio may also sell stakes in Australian iron ore mines to BHP Billiton Ltd., said the people, who declined to be identified because Rio’s board hasn’t approved the deal. BHP is in discussions with Rio about sharing infrastructure, the people said. London-based Rio’s market value is 43 billion pounds ($69 billion). Rio dropped as much as 10 percent in London trading.

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- Posted: 2009-06-04 08:54:02

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