Chinalco JV gets business nod
Source: Xinhua |
November 26, 2011, Saturday
|
Print Edition
Print Edition
CHINALCO Rio Tinto Exploration Co, a joint venture between Aluminum Corp of China and Australia's Rio Tinto, has obtained business registration for mineral exploration in China, according to Rio Tinto's Beijing office.
The JV will initially focus on exploring copper and plans to expand into coal and potash, Rio Tinto said in a statement yesterday.
The statement did not provide a timetable for the JV to start exploration and did not mention any specific project.
Chinalco, as China's top aluminum producer is known, has a controlling 51 percent stake in the JV and Rio Tinto, one of the world's three largest iron ore suppliers, holds the rest.
The two sides signed an agreement in June to form the JV. It will help enhance China's domestic resource supply capabilities, said Wang Dongsheng, the venture's chairman. China is the world's largest copper consumer and about 50 percent of its copper supplies rely on imports.
The tie-up was recognized as a major milestone in the expanding partnership between the two companies after Rio Tinto's ties with China were strained in 2009 partly due to the rejection of Chinalco's US$19.5 billion deal for Rio Tinto and the arrest of four Rio Tinto staff on bribery and commercial spying charges.
The JV will initially focus on exploring copper and plans to expand into coal and potash, Rio Tinto said in a statement yesterday.
The statement did not provide a timetable for the JV to start exploration and did not mention any specific project.
Chinalco, as China's top aluminum producer is known, has a controlling 51 percent stake in the JV and Rio Tinto, one of the world's three largest iron ore suppliers, holds the rest.
The two sides signed an agreement in June to form the JV. It will help enhance China's domestic resource supply capabilities, said Wang Dongsheng, the venture's chairman. China is the world's largest copper consumer and about 50 percent of its copper supplies rely on imports.
The tie-up was recognized as a major milestone in the expanding partnership between the two companies after Rio Tinto's ties with China were strained in 2009 partly due to the rejection of Chinalco's US$19.5 billion deal for Rio Tinto and the arrest of four Rio Tinto staff on bribery and commercial spying charges.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
