Rio Tinto and Chinalco joint venture (JV) for exploration in
China - Chinalco Rio Tinto Exploration Co. Ltd. (
) - has been officially registered as a business in China.
The registration, approved by China's Industrial and
Commercial Administration, clears CRTX to start conducting its
business in China and exploring mineral deposits.
The JV's initial priority will be exploring for copper, with
plans to expand into coal and potash in the future.
Rio Tinto managing director China Ian Bauert said "Getting the
green light for CRTX to start operations is a major milestone in
the expanding partnership between Rio Tinto and Chinalco. The JV
has the potential to create valuable opportunities for both
"China is a vast country rich in minerals and it has the
geological pedigree to produce significant world-class deposits.
Exploration work carried out over past decades is a rich source
of data and experience on which to build. With Rio Tinto's
industry-leading technology and global mining experience, the
exploration JV will be able to drawn on the two parties'
strengths to achieve our common goal."
CRTX chairman Wang Dongsheng said "This is a significant step
for Chinalco and Rio Tinto's cooperation, and establishing CRTX
is a major move by Chinalco to implement its strategic
"Chinalco is comprehensively promoting the new mechanism of
geological prospecting as it aligns with initiatives from the
Ministry of Land and Resources. Drawing on the integrated
advantages of Chinalco and Rio Tinto as well as China and the
West in resources exploration, the JV will focus on prospecting
and deep exploration of metallogenic belts in a complex
landscape. It will also use world-class mining resources to
mutually develop and enhance China's domestic resources supply
Rio Tinto and Chinalco signed the official JV exploration
agreement in June 2011.
Chinalco holds a 51 per cent interest in the JV and Rio Tinto
holds a 49 per cent interest. Chinalco nominates three directors
including the chairman. Rio Tinto appoints the chief executive
officer and two directors.
Rio Tinto is a leading international mining group
headquartered in the UK, combining Rio Tinto plc, a London and
New York Stock Exchange listed company, and Rio Tinto Limited,
which is listed on the Australian Securities Exchange.
Rio Tinto's business is finding, mining, and processing
mineral resources. Major products are aluminium, copper,
diamonds, thermal and metallurgical coal, uranium, gold,
industrial minerals (borax, titanium dioxide and salt) and iron
ore. Activities span the world and are strongly represented in
Australia and North America with significant businesses in Asia,
Europe, Africa and South America.