Rio Tinto Intends to Form JV with Chinalco

Australia-based iron ore producer Rio Tinto plc said yesterday that it intended to form joint ventures with Chinese government-backed firms like Aluminum Corporation of China (Chinalco) to develop iron ore projects.

Rio Tinto would possibly partner with Chinalco to develop infrastructure in Queensland in the northeastern part in Australia, where both companies had operations, said Rio Tinto spokesperson yesterday.

Chinalco has not yet any plan to form joint venture with Rio Tinto or jointly develop Chinese mines, said an insider from its board secretariat, confirming that the two companies are jointly developing bauxite resources in Australia.

Tom Albanese, chief executive officer of Rio Tinto, said yesterday that the company was interest in teaming up with Chinese companies in developing new iron ore projects, and the Chinese partners would be responsible for construction of infrastructure and roads, railways and ports for iron ore transportation.

Rio Tinto has many opportunists for cooperation with larger Chinese state-owned companies, especially in those iron mines that are discovered in remote areas and need infrastructure, said the CEO.

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