Glencore has held contacts with Chinalco, Rio Tinto shares rise

After rejecting a merger proposal from Glencore at the start of August Rio Tinto has had no contacts with its rival on that same matter, the iron-ore miner said in a statement issued overnight.

Nevertheless, Glencore has maintained talks over recent weeks with Chinalco, the Chinese state-owned outfit which has a 9.8% stake in Rio, Bloomberg reports citing a person familiar with the matter, apparently confirming earlier reports.

The speculation comes on the heels of the recent slide in the price of iron ore and speculation in some corners that the China-induced commodity-boom is now well and truly over, to which one must add the changing fortunes in the US dollar.

As of 05:24 shares of Rio Tinto were trading higher by 3.55% to $59.64 per share in Sydney.