Rio Tinto forms JV with China's Minmetals

Mining giant Rio Tinto said it was forming a joint venture with China's Minmetals to look for new mineral deposits in that country and then around the world.

In a statement, Rio said the venture's registered capital would be RMB 200m ($31.3m) with initial contributions of RMB 35m ($5.5m) by each party within approximately six months of establishment of the joint venture. Any further capital contributions will be subject to unanimous approval of the parties and linked to agreed target areas.

“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,” said Rio Tinto chief executive Jean-Sébastien Jacques.