UPDATE 2-Chinalco eyes RUSAL's Australian plant stake-sources

* Chinalco eyes RUSAL assets, Queensland Alumina Ltd

* RUSAL has 20 pct of QAL, remainder held by Rio Tinto

* QAL could process bauxite from Aurukun deposit

* RUSAL IPO less attractive; different accounting system (Adds details; comments)

By Alfred Cang and Tom Miles

BEIJING, Oct 13 (Reuters) - Ambitious to expand and acquire assets overseas, Chinese metals giant Chinalco is eyeing assets held by UC RUSAL despite the setback of its failed investment this year in Australian mining giant Rio Tinto (RIO.AX) (RIO.L).

The mining and metals conglomerate has targeted RUSAL's stake in an alumina refinery in Australia, but is less interested in buying into the indebted Russian company's Hong Kong share issue, two sources familiar with the situation said on Tuesday.

However, political pressure may oblige state-owned Chinalco may be obliged to subscribe to the share issue and take a stake in RUSAL, the sources said. RUSAL's top management is visiting China now to bargain for a series of potential cooperation moves.

The visit coincides with Russian Prime Minister Vladimir Putin's trip to Beijing, where deals worth some $3.5 billion are to be signed, officials said, with hopes of further cooperation in energy, trade and political ties.

"The subscription largely depends on how Putin's visit goes," one of the sources said. "At the state level, Russia and China have a long-term friendship, but a big concern is that Chinalco is a state-owned company while RUSAL is private-sector.

"Chinalco is not lacking money, but RUSAL is deep in debt. The two sides could seek other ways of cooperating besides the share subscription, as Chinalco has shown interest in RUSAL's global production assets," the source said.

The asset Chinalco is keenest to invest in is Queensland Alumina Ltd (QAL), which would shore up its supply chain in Australia, the sources said.

The plant is one of the world's largest alumina refineries, with a nominal capacity of 3.95 million tonnes of alumina each year, RUSAL says on its website.

RUSAL owns 20 percent and Rio Tinto, in which Chinalco is the biggest shareholder, holds the rest of QAL. Chinalco subsidiary Chalco (2600.HK)(601600.SS) already has a A$3 billion project to develop the vast Aurukun bauxite deposit in Queensland.

"If a deal succeeds, the plant could process Aurukun's bauxite," another source said.

Officials from Chinalco were not available to comment, and RUSAL's media office said in an emailed statement the company had no intention of selling its stake in QAL. [ID:nLD554314]