Rio Tinto intends to tie up with Chalco

Rio Tinto Group, the second largest iron ore exporter in the world, intends to cooperate with Aluminum Corp of China Ltd (Chalco) on the joint exploration of new iron ore mines in Australia as well as infrastructure development in Queensland, sources reported.

Rio Tinto may set up a joint venture with Chalco to further enhance its competitiveness in the overseas market and to benefit from the recently-announced RMB 4 trillion stimulus plan of the Chinese government. However, no further details on where the joint venture is going to be established were revealed so far.

Meanwhile, Rio Tinto said it would slash its output by 10% at its mines in Western Australia due to decreased demand from steel makers in China. But, company executives still remain optimistic on the outlook of Chinese economic growth and estimate the demand will rebound over the course of 2009.

Since March 2007, Chalco has started to cooperate with the Queensland state government in developing a bauxite project on the east shore of Queensland with a total investment of A$3 billion.

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