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Article: Rio Tinto drops equity stake in Saudi project
- Article from:
- AP Online
- Article date:
- December 17, 2008
- Author:
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Mining giant Rio Tinto Alcan is unable to finance its minority stake in a joint venture aluminum complex in Saudi Arabia, the company and its Saudi partner announced Wednesday, citing the global financial crisis.
The Saudi Arabian Mining Co., commonly referred to as Ma'aden, said the London-based Rio Tinto is dropping its 49 percent equity stake in the Integrated Aluminum Project, but will continue to provide advice and technical assistance.
The project is one of several that have been delayed in the oil-rich Arab nation as the financial crisis impacts the region. While Saudi Arabia has weathered the current crisis better than most countries in the world, officials are ...