The world's leading miner Australia-based Rio Tinto has announced that it will explore mainland China for world class mineral deposits with state-owned Chinese aluminum producer Chinalco under a joint venture (JV) formalized on June 1. The JV is subject to Chinese regulatory approvals and once established will operate under the name Chinalco Rio Tinto Exploration Co. Ltd (CRTX). In December 2010, Chinalco and Rio Tinto had signed a non-binding memorandum of understanding to establish a joint venture for mineral exploration in China.
The immediate priority for CRTX will be copper exploration, with coal and potash among other commodities potentially considered at a later date.
Rio Tinto chief executive Tom Albanese considers the JV as "an important milestone in the expanding relationship between Rio Tinto and China."
Chinalco will hold a 51 percent interest in the JV and Rio Tinto will hold the remaining 49 percent.