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China Agrees to Bigger Stake in Rio Tinto Mining Company


China's state-run aluminum company has agreed to invest $19.5 billion in British-Australian mining giant Rio Tinto, in China's biggest foreign acquisition.

On Thursday, Rio Tinto said the Chinese company, Chinalco, will invest mostly in joint-venture aluminum, copper and iron ore mining operations.

Chinalco also could potentially double its shareholding stake in Rio Tinto to 18 percent. The deal may face some resistance from Australia, which is seeking to tighten rules governing foreign acquisitions.

Meantime, Japanese electronics company Pioneer says it will cut 10,000 jobs and close its flat-screen plasma television operations as sales decline.

The company was a key developer of the plasma television, but has decided to abandon the product to focus on car electronics.

The company says it expects to report a $1.4 billion loss for the fiscal year ending in March.


Some information for this report was provided by AFP, AP and Reuters.


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