Rio Tinto (RTP.NYSE, RIO.LSE, RIO.ASX) CEO Tom Albanese said the company would do everything possible to win approval from the likes of China for its proposed iron ore joint venture with BHP Billiton (BHP.NYSE, BLT.LSE, BHP.ASX), AP reported. Speaking at an event in Shanghai, Albanese said the joint venture would deliver synergies that “are worth striving for.” The US$130 billion venture in Western Australia’s Pilbara region is clouded by uncertainty due to regulatory concerns that it would give the two mining companies excessive influence over iron ore prices. Rio Tinto has sought to improve relations with Beijing following tensions over prices and the conviction of four of the company’s China-based staff on charges of bribery and infringing trade secrets. "China’s going to be a larger and larger customer for the products we produce,” Albanese said. “Our strategic interests are aligned." He added that the company is keen to partner with China in exploring domestic mineral resources, principally copper.
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