The time is evidently not yet ripe for Rio Tinto’s management to book its Nixon-in-China breakthrough visit to Beijing. Even if Wednesday’s warlike comments by a senior Chinese official about the “monopolistic” proposed joint venture between Rio and BHP Billiton don’t carry much weight – and it is, as often, hard to tell – they are a fair indication of the temperature following Rio’s split with Chinalco: still red-hot.

Where does this leave Chinalco as it decides what to do with its 12 per cent stake in the UK part of the dual-listed miner? It has three, perhaps four, options: dump the whole lot now; renounce its rights to new shares and allow itself to be diluted; take up its rights and sit tight; or gradually increase its holding.