Chinalco to set up mineral exploration company with Rio Tinto

China Aluminum Company and Rio Tinto Group in Beijing 3rd to set up a joint exploration company Memorandum of understanding signing ceremony, under the MOU, the two sides will set up a joint venture in China to carry out mineral exploration business. According to Xiong, general manager of Chinalco, the venture's exploration area is mainland China, which aims to use advanced technology such as deep prospecting to explore world-class mineral resources. Chinalco will have a 51% per cent stake in the joint venture, with a 49% per cent stake in Rio.　　The Chairman of the Board of the joint venture exploration company will be appointed by Chinalco, chief executive Yuliko, and a five-member board will be established.　　According to the plan, the joint venture will be operational as soon as the first half of next year, with the initial focus on three to five regional exploration projects, with additional new exploration areas to be added later. Xiong said that China and the West in Mineral resources exploration technology has a strong complementarity, Western exploration companies in geophysical prospecting, abnormal interpretation of the advanced technology, and the Chinese exploration enterprises in geological mapping, geochemical exploration and prospecting has its own unique. As a very high degree of international large-scale mining companies, Rio Tinto in various areas of resources exploration, development has a very rich experience and advanced technology. As the largest non-ferrous metals and mining enterprises in China, Chinalco has many advantages in China, such as market, capital, talent, technology and domestic resource information.　　The joint establishment of exploration company between Chinalco and Rio Tinto is not only an important step for both sides to deepen cooperation and jointly deal with market challenges, but also a good starting point for both sides to actively explore the new model of exploration cooperation between China and the west. Tom Albanese, Rio Tinto's chief executive, said the establishment of Rio Tinto's joint venture with Chinalco was a new chapter in the history of a broad partnership between Rio Tinto and China. This cooperation can produce the good effect of strong union, promote the innovation of Chinese and western exploration technology and prospecting investment cooperation mode, and make contribution to mineral exploration and resource guarantee work in China.