The deal digs Mr Albanese out of a hole the size of Tom Price, the huge iron-ore complex in the Pilbara region of Western Australia in which Chinalco stands to take a stake.

ECONOMIST: Face value

Instead, Rio struck a deal with BHP Billiton, its main competitor, to exploit jointly the vast iron-ore deposits of Western Australia's Pilbara region.

ECONOMIST: Not quite a love-in, but too important for a dust-up

Instead, Rio struck a deal with BHP Billiton, its main competitor, to exploit jointly the vast iron ore deposits of Western Australia's Pilbara region.

ECONOMIST: Australia and China