Australian iron ore giant Rio Tinto has announced that it has formalized a joint venture (JV) contract with Chinese state-owned metals and mining corporation China Minmetals Corporation to establish a 50/50 joint venture to explore world-class mineral deposits in China.
According to Rio Tinto’s statement, the registered capital of the joint venture will be US$31.3 million with initial contributions of US$5.5 million by each party within approximately six months of establishment of the joint venture.