Online Stockmarket Trading Update

“Rio Tinto is like a dishonourable woman: once she loved the money in Chinalco’s pocket but she actually did not love the man himself. Now she is breaking faith and kicking down the ladder.”

Or at least, so says China s official news agency, Xinhua.

In the wake of the collapse of the $24 billion deal between Rio Tinto and Chinalco, one commentator in the Chinese press is spicing up the finance pages with a rare flash of theatrics.

Most other Chinese analysts however are attributing the failure of the deal to political pressure exerted by the Australian government, underpinned by a general anti-Chinese sentiment.

Meanwhile, Chinese steelmakers are voicing concerns that the tie-up between Rio and BHP for iron ore operations in the Pilbara will create a monopoly. The deal has still to be approved by competition regulators.

Rio has resumed trading this morning, following a halt on Friday.

ASX Code: RIO
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For more details on this news story:

• Sydney Morning Herald: Jilted China says Rio dishonourable
• The Australian: China fears iron ore monopoly in Rio-BHP venture