The general manager of a state-owned Chinese aluminum producer that is in the midst of a $19.5 billion deal to invest in global miner Rio Tinto Group has been named to a Cabinet post, the government said Monday.
Xiao Yaqing of Aluminum Corp. of China, or Chinalco, will be a deputy secretary-general of the Cabinet, the body said on its Web site.
The Cabinet announcement gave no indication why Xiao, 49, who has no known government experience, was picked for such a high-level post. Bosses of Chinese banks, oil producers and other state companies routinely alternative between government and corporate jobs but usually start at lower levels.
Chinalco is trying to secure Australian regulatory approval to increase its stake in Anglo-Australian miner Rio Tinto Group for $19.5 billion.
Australia's Foreign Investment Review Board said last week it would investigate the plan for another 90 days before making a recommendation to Treasurer Wayne Swan, who says he will only approve it if it is in the national interest. The plan requires shareholder approval.
Xiao's appointment comes amid a flurry of foreign investments by China's resource companies.
Chinalco and other metals producers surged to prominence as China's economic boom drove demand for commodities. Flush with cash, they are pursuing acquisitions abroad despite global financial turmoil.
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Chinese Cabinet (in Chinese): http://www.gov.cn
Aluminum Corp. of China (in Chinese): http://www.chinalco.com.cn
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