Global miner Rio Tinto confirmed Monday that it has held talks with Chinese aluminium giant Chinalco over the sale of stakes in some of its operations.

The confirmation of discussions with the state-owned Chinalco, which is already a shareholder, follows media speculation of a deal as Rio Tinto seeks to reduce its huge debts.

"Rio Tinto confirms that it has held discussions with Chinalco regarding Chinalco acquiring minority interests in various operating businesses of the Rio Tinto group and also investing in convertible instruments," Rio said in a statement.

"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 is thought to be close to selling Chinalco an 8.0 billion US dollar stake in key assets that could give the company a foothold in Australia's iron ore, coal and aluminium reserves, The Australian newspaper said Monday.

Rio is reportedly looking at a 15 billion dollar combination of asset sales, convertible notes and share issues that would increase Chinalco's stake in the world's third largest miner, the newspaper said.

Chinalco, acting with US-based Alcoa Inc, bought 12 percent of Rio Tinto's London-listed shares for 14 billion US dollars last year. The transaction gave Chinalco and Alcoa an overall nine percent stake in the group, which is also listed in Australia.

Rio Tinto plans to pay down 10 billion US dollars of its 38.9 billion dollar debt and has said it is considering a range of options, including a possible equity issue.