Rio Tinto signs mineral exploration deal with China’s Minmetals

Rio Tinto has signed a joint venture agreement with Minmetals to explore mineral deposits in China. The 50:50 joint venture follows a technical collaboration contract signed in November 2017 when both companies committed to a collaborative partnership in mineral exploration.

Rio Tinto chief executive J-S Jacques said, "The formalisation of the exploration joint venture is an important milestone in our growing partnership with China and Minmetals, who is an increasingly important player in the global mining industry. Our complementary strengths in exploration put us in the best possible position to find metals and minerals essential to human progress."

The registered capital of the joint venture will be RMB200 million (US$31.3 million) with initial contributions of RMB35 million (US$5.5 million) by each of the companies within approximately six months of establishment of the joint venture, Rio said.

China Minmetals Corporation president Guo Wenqing said, "The collaboration is very significant to Minmetals. Rio Tinto has rich prospecting experience and great discoveries worldwide, while Minmetals has solid technical expertise and extensive experience – the two strong partners will drive breakthroughs, pioneer progress, and promote the exchanges and collaboration of the global resource industry.”