Key Chinese Rio Tinto Shareholder Backs Glencore Bid to Gain Copper Access

Aluminum Corp. of China, one of the largest shareholders in Rio Tinto Group, is likely to support the mining giant’s potential acquisition of rival Glencore Plc, a combination that would give the Chinese company increased exposure to copper, the industry’s most coveted metal.

Any final approval would require a go-ahead from the Chinese government, but Chinalco, as the company is known, is already in talks with authorities and is expected to back the ambitious tie-up, according to people familiar with the matter. They asked not to be named as the discussions are not public.