Chinalco and Rio Tinto have announced they will explore mainland China for world-class mineral deposits under a recently formalized joint venture (JV). The venture is subject to Chinese regulatory approvals and, once established, will operate under the name Chinalco Rio Tinto Exploration Co. Ltd. (CRTX).Xiong Weiping, president of Chinalco, and Tom Albanese, chief executive of Rio Tinto, executed the joint venture contract during a signing ceremony in Beijing. The immediate priority for CRTX will be copper exploration, with coal and potash among other commodities potentially considered at a later date.
“Access to natural resources is a critical component to many of the world’s leading economies,” said Xiong Weiping, president of Chinalco. “Drawing on the respective strengths of both companies, this exploration JV could potentially create commodity supplies to benefit the global economy.”
“The formalization of our exploration JV is an important milestone in the expanding relationship between Rio Tinto and China,” said Tom Albanese, chief executive, Rio Tinto. “Given that mainland China is highly prospective, the JV has the potential to create valuable opportunities for both partners.”
For additional details, visit www.riotinto.com