Rio Tinto, Chinalco to start business in China

The Rio Tinto and Chinalco joint venture (JV) for exploration in China - Chinalco Rio Tinto Exploration Co. Ltd. (CRTX) - 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.

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 capabilities.

Chinalco holds a 51 percent interest in the JV and Rio Tinto holds a 49 percent interest. Chinalco nominates three directors including the chairman. Rio Tinto appoints the chief executive officer and two directors.