Chinese grant Alumina a sparkling new year

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Structural changes in the aluminium business did not cost Rio $29Bn of the $38Bn it paid for Alcan. (Chinese grant Alumina a sparkling new year, 14 Feb 2013)
Rio paid way too much for Alcan in a competitive bid. To quote the now departed Rio strategy guru Bob (Adams): When the bidding gets high, Rio Tinto walks. "We've been spectacularly unsuccessful at buying assets in competitive auctions," says Robert Adams, Rio's director of strategic planning. "The guy who wins has probably paid too much." [Forbes 1998]
The writedown was inevitable, China aluminium production notwithstanding. And as for CITIC investment in Alumina, access to some of the best low conversion energy bauxite deposits and the technology to convert it to alumina is probably worth most of the investment cost in the first 3 years.