Rio Tinto, Chinalco finalize exploration joint venture
A joint venture between uber-miner Rio Tinto and Chinese partner Chinalco was finalized on Friday. The JV, called CRTX, has been officially registered and cleared to do business in China. The new company’s priority will be exploring for copper, with plans to expand into coal and potash, Rio Tinto stated in a news release. “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,” said Rio Tinto managing director China Ian Bauert.CRTX chairman Wang Dongsheng said Chinalco will conduct geological prospecting while it it aligns with initiatives from the Ministry of Land and Resources.
Rio Tinto and Chinalco initially signed the JV exploration agreement in June.
Chinalco will hold a 51% interest in the new company, with Rio Tinto retaining 49%.
Rio Tinto and Chinalco have a checkered past.
In 2009 Rio rejected a $19.5 billion investment from Chinalco — a state-owned aluminum producer.
The two firms made peace last year when they became joint-venture partners in the Simandou iron ore deposit in Guinea.
Mining giant Rio Tinto will start exploring for copper in China with partner Chinalco, it said on Friday, announcing that the exploration joint venture (JV) had been officially registered and cleared for operation.
China’s Industrial and Commercial Administration approved the registration, paving the way for the JV, dubbed CRTX, to start conducting its business in that country.
The venture would initially focus on copper exploration, but planned to expand into coal and potash in the future.
Rio Tinto MD for China Ian Bauert said that the group believed China would deliver significant deposits.
“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.”
CRTX chairperson Wang Dongsheng commented that the JV was a significant step for cooperation, and that CRTX was a key move by Chinalco to implement its strategic transformation.
“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, 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 capabilities.”
Rio and Chinalco signed the official JV exploration agreement in June. Under the agreement, Chinalco holds a 51% interest in the JV with Rio holding the balance.
Rio and Chinalco also have JV exploration ventures in Chile and Guinea, including the multibillion-dollar Simandou iron-ore project.
Rio Tinto and Chinalco initially signed the JV exploration agreement in June.
Chinalco will hold a 51% interest in the new company, with Rio Tinto retaining 49%.
Rio Tinto and Chinalco have a checkered past.
In 2009 Rio rejected a $19.5 billion investment from Chinalco — a state-owned aluminum producer.
The two firms made peace last year when they became joint-venture partners in the Simandou iron ore deposit in Guinea.
Mining giant Rio Tinto will start exploring for copper in China with partner Chinalco, it said on Friday, announcing that the exploration joint venture (JV) had been officially registered and cleared for operation.
China’s Industrial and Commercial Administration approved the registration, paving the way for the JV, dubbed CRTX, to start conducting its business in that country.
The venture would initially focus on copper exploration, but planned to expand into coal and potash in the future.
Rio Tinto MD for China Ian Bauert said that the group believed China would deliver significant deposits.
“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.”
CRTX chairperson Wang Dongsheng commented that the JV was a significant step for cooperation, and that CRTX was a key move by Chinalco to implement its strategic transformation.
“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, 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 capabilities.”
Rio and Chinalco signed the official JV exploration agreement in June. Under the agreement, Chinalco holds a 51% interest in the JV with Rio holding the balance.
Rio and Chinalco also have JV exploration ventures in Chile and Guinea, including the multibillion-dollar Simandou iron-ore project.
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