Aug. 16, 2010 - Mitsui & Co. announced Friday the opening of a joint venture with Anglo-Australian mining giant Rio Tinto (RIO) to prospect for bauxite in Laos.
Rio Tinto put up 70 percent of Lao Sanxai Minerals Co.'s US$900,000, or 77 million yen, in capital, while Mitsui contributed the other 30 percent.
The venture will spend 700 million yen to look for bauxite, the raw material for aluminum, in the Southeast Asian country. It will assess the commercial prospects for mining any deposits found.
Rio Tinto put up 70 percent of Lao Sanxai Minerals Co.'s US$900,000, or 77 million yen, in capital, while Mitsui contributed the other 30 percent.
The venture will spend 700 million yen to look for bauxite, the raw material for aluminum, in the Southeast Asian country. It will assess the commercial prospects for mining any deposits found.
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