Mining group Rio Tinto offered investors a crumb of comfort today while the rest of the FTSE 100 sagged.
Rio shares were up almost 7% after the company confirmed it was in talks with Chinese state-owned metals group Chinalco about potential investment.
Rio is trying to cut a debt pile of almost $40bn (£28.2bn) by $10bn (£7bn) by the end of this year.
It has outlined a range of options to do this, including issuing equity, cutting expenditure, reducing its staff levels and disposing of assets.
"In this regard, Rio Tinto confirms that it has held discussions with Chinalco regarding Chinalco acquiring minority interests in various operating businesses of the RioTinto group and also investing in convertible instruments," the company said in a statement today.
"There can be no certainty that a transaction will ultimately take place and any possible transaction would be conditional upon approval by the shareholders of Rio Tinto and all necessary government and regulatory authorities."
Rio shares were up 101p to £16.07, making it easily the best performer on the FTSE 100.
The blue-chip index's decline has intensified in mid-morning trade.
The FTSE 100 fell more than 110 points on Friday night's close at one stage, and is now 92.62 points down at 4057.02.
