Rio Tinto strengthens ties with Chinese SOEs

Australian mining company Rio Tinto courts the Chinese once again, forming joint ventures with Chinalco and Sinosteel soon after its proposed tie-up with BHP Billiton fails.

Rio Tinto on Friday signed joint venture agreements with two Chinese state-owned enterprises SOEs to jointly develop mining properties.

In Beijing, Rio Tinto and the Aluminum Corporation of China Chinalco signed a non-binding memorandum of understanding MOU to create a joint venture in China. Chinalco is the world’s second-largest alumina producer and the parent of Hong Kong- and New York Stock Exchange-listed Aluminum Corp of China, or Chalco.

Chinalco will own 51% of the JV and Rio...

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