Mining group Rio Tinto has received all regulatory approvals needed to close its US$38.1bn take-over of the Canadian aluminium group Alcan.

Approvals have been granted by Canada’s minister of industry Jim Prentice, under the Investment Canada Act. Of particular importance was the need to demonstrate that the acquisition would bring “significant benefits” to Canada.

Tom Albanese, Rio Tinto’s chief executive, remarks: “Rio Tinto has been an investor in Canada for decades and is dedicated to growing the combined Rio Tinto Alcan presence, which will be headquartered in Canada and will be positive for Canadian jobs, investment and research and development.”

Rio Tinto has agreed to establish the new company’s headquarters in Montreal, and will ensure the majority of the senior managers are Canadian.

The company has also made a number of major capital expenditure commitments to projects in Quebex and the modernisation of aluminium smelters in Kitimat, British Columbia.

The acquisition offer is set to expire on October 23, 2007. Rio Tinto is headquartered in the UK, and as a mining company it is active in the production of aluminium, copper, diamonds, coal, gold, uranium, and industrial minerals. Alcan is a materials company which operations in bauxite mining, alumina processing, primary metal smelting and power generation.