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 Tinto the remaining 49%. The JV is expected to become operational in the first half of next year and will explore mainland China for mineral deposits. The partners will initially select between three and five...

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