Aluminum Corp. to Chinalco

China's acquisitions of natural resource companies continue at a blistering pace.

Anglo American reported in talks with Chinalco
But Chinalco vice president says he's unaware of any deal in the works

LOS ANGELES (MarketWatch) -- London-based mining giant Anglo American Plc. is in talks to sell a major investment stake to Aluminum Corp. of China, according to a British media report Sunday, although at least one executive is quoted separately as saying no such deal is planned.

The Sunday Telegraph said that Anglo American /quotes/comstock/23s!e:aal (UK:AAL 1,769, +9.00, +0.50%) is to open talks with China's state-owned aluminum producer -- better known as Chinalco -- and at least one unidentified Middle Eastern investor about a partnership that could see it inject hundreds of millions of dollars into MMX, Anglo's Brazilian iron-ore business.

The negotiations are at an early stage, and there is no certainty that a deal will be reached, the report said, citing people close to the situation.

However, a later report from Dow Jones Newswires quoted Chinalco Vice President Lu Youqing as saying he was unaware of any talks with Anglo.

It cited earlier remarks by Lu saying Chinalco wasn't interested in iron-ore ventures for the time being, preferring to focus on base metals projects.

The report Sunday also said Anglo is seeking to lure John Parker to serve as chairman, replacing outgoing board chief Mark Moody-Stuart, who has served as Anglo's chairman since 2002.

Parker was offered the post last year before a boardroom split between Anglo's South African and British directors stymied the appointment, according to the report, which added that, this time, Parker would only accept the nomination with the unanimous backing of the board.