News

Rio Tinto, the aluminium giant, has hinted that it may delay the sale of its Alcan packaging business until economic conditions are more favourable.

The company said it plans to sell $10bn (£5.4bn) of assets this year as it attempts to decrease the debt it incurred when it acquired Alcan in 2007.

Chairman Paul Skinner said: "We're driven in all these things by value and so whether or not the packaging business is sold this year will depend on getting a good price for the business."

Skinner said the packaging unit performed well in the first half, unlike Alcan's engineering business, which is also earmarked for sale.

The company reported that its earnings before interest, taxes, depreciation and amortisation increased by 73% to $11.4bn in the first-half to 30 June.

Its net earnings in the period were $6.9bn, 113% above last year's figures.