Chinalco and Rio Tinto Set Up JV Again

(China Aluminum Network) Chinalco and Rio Tinto set up a JV again after suffered the failure in 2009. The two gaints have signed the cooperation agreement in Beijing recently will explore and search world-class mineral resources in Chinese Mainland.

At the signing ceremony, Xiong Weiping the GM of Chinalco£¨601600£©and CEO of Rio Tinto signed the joint exploration agreement officially. According to the agreement, the joint venture will prospect copper first, then may come to coal, potash fertilizer and other staple commodities. This JV also should get approval from relative supervision organizations in China, will named as Chinalco Rio Tinto Joint Exploration Corporation after approved by relative organizations.

As agreed upon Chinalco owns 51% shares, Rio Tinto owns 49%. The head office will build in Beijing.

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