Rio Tinto and Minmetals Formalize Joint Venture for Mineral Exploration in China
The future collaboration between Rio Tinto and Minmetals will reportedly expand to exploration of global resources.
Rio Tinto and China Minmetals Corp. have formalized a joint venture contract to establish a 50:50 joint venture for the exploration of world-class mineral deposits in China. The agreement follows a technical collaboration contract signed in November 2017, when both parties committed to a collaborative partnership in mineral exploration. The joint venture is subject to regulatory approvals.
J-S Jacques, Rio Tinto chief executive, and Guo Wenqing, Minmetals president, witnessed the signing of the contract by Rio Tinto Minerals Development Ltd. and Minmetals Exploration & Development Co. Ltd. “The formalization of the exploration joint venture is an important milestone in our growing partnership with China and Minmetals, who is an increasingly important player in the global mining industry,” said Jacques. “Our complementary strengths in exploration put us in the best possible position to find metals and minerals essential to human progress.”
According to Wenqing, “The collaboration is very significant to Minmetals. Rio Tinto has rich prospecting experience and great discoveries worldwide, while Minmetals has solid technical expertise and extensive experience—the two strong partners will drive breakthroughs, pioneer progress, and promote the exchanges and collaboration of the global resource industry.”
The immediate priority for the joint venture will reportedly be mineral targets in China that are identified under the technical collaboration agreement. The future collaboration of the parties is expected to expand to exploration of global resources.