Beijing, China — MININGREVIEW.COM — 03 December 2010 – Rio Tinto and leading Chinese investment management and holding company Chinalco have signed a non binding Memorandum of Understanding (MoU) to establish a landmark exploration joint venture in China.
It was revealed here that the JV would explore mainland China for world-class mineral deposits, and was expected to come into operation in the first half of next year. It was intended that between three and five large area exploration projects would be selected for initial focus by the JV, with the potential for additional regions to be added at a later date.
Chinalco will hold a 51%interest in the JV and Rio Tinto will hold a 49%interest.
Rio Tinto chief executive Tom Albanese said: “This exploration JV is the latest chapter in the rich history of partnerships between Rio Tinto and China. The combination of skills provided by Rio Tinto and Chinalco offers great potential to unlock value for mutual benefit.”
Albanese and Xiong attended a special MoU signing ceremony at the Diaoyutai State Guesthouse in Beijing. Rio Tinto’s Executive Committee, senior Chinalco executives and Chinese government officials were also present.