Mining company Rio Tinto has entered into a joint venture with one of China’s largest metals firms, with the aim of expanding its mineral mining operations in China.
In the 50-50 arrangement, Rio Tinto will look to use Chinese firm Minmetal’s capabilities to explore China’s rich iron ore deposits, which currently make up a significant portion of its business. The registered capital of the venture will be $31.3 million, with each company placing initial contributions of $5.5 million, reports Reuters.
“The formalisation of the exploration joint venture is an important milestone in our growing partnership with China and Minmentals, who is an increasingly important player in the global mining industry,” said Rio Tinto Chief Executive J-S Jacques.
“The immediate priority for the joint venture will be mineral targets in China.”
