Rio Tinto and Minmetals have formalised a Joint Venture Contract to establish a 50:50 joint venture to explore for world-class mineral deposits in China. It follows a Technical Collaboration Contract signed in November 2017 when both companies committed to a collaborative partnership in mineral exploration.
|Image source ©Rio Tinto|
Rio Tinto Chief Executive J-S Jacques sees the formalisation of the exploration joint venture as an important milestone in Rio Tinto’s growing partnership with China and Minmetals.
“Our complementary strengths in exploration put us in the best possible position to find metals and minerals essential to human progress”, said Mr Jacques.
China Minmetals Corporation president Guo Wenqing said, “The collaboration is very significant to Minmetals. Rio Tinto has rich prospecting experience and great discoveries worldwide, while Minmetals has solid technical expertise and extensive experience – the two strong partners will drive breakthroughs, pioneer progress, and promote the exchanges and collaboration of the global resource industry.”
The immediate priority for the joint venture will be mineral targets in China that are identified under the Technical Collaboration Agreement. Future collaboration will expand to exploration of global resources.
The registered capital of the joint venture will be RMB200M (US$31.3 million) with initial contributions of RMB35M (US$5.5 million) 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.