Rio Tinto to Establish China Joint Venture with Chinalco

Dec. 9, 2010 - Rio Tinto and Chinalco have signed a non-binding memorandum of understanding to establish an exploration joint venture in China. The JV will explore mainland China for world-class mineral deposits and is expected to come into operation in the first half of 2011.
The joint venture will initially focus on three to five large area exploration projects, with the potential for additional regions to be added later. Chinalco will hold a 51% interest in the JV; Rio Tinto will hold a 49% interest.
"This exploration JV is the latest chapter in the rich history of partnerships between Rio Tinto and China," said Tom Albanese, chief executive of Rio Tinto. "The combination of skills provided by Rio Tinto and Chinalco offers great potential to unlock value for mutual benefit."
"Against the backdrop of the globalization of resources supporting the globalization of the world economy, for both sides to build on our respective strengths and establish an exploration JV is a win-win measure that will deepen our cooperation and meet the challenges of the market, said Xiong Weiping, president of Chinalco.