Sino-report
Home Sign in Research report Data Center Industry News Custom Research About us
Research report:                          Automotive  |  Electronics  |  Mechanical&Automation  |  New Energy  |  Medical  |  Advanced Materials  |  Building Products  |  Transportation  |  Communication  |  Chemical  |  Finance  |  IT Industry  |  Food  |  Home Appliances  |  Forestry  |  Agriculture  |  Textile  |  Culture Industry  |  Consumer goods  |  Others  |
 Home > Industry News > Metallurgy > Text
Rio Tinto, Minmetals sign JV to explore mineral deposits in China
Author:admin    Source:Sino-report    Number of clicks :     Update time:2018-06-09 23:54
Mining giant Rio Tinto and China's State-owned Minmetals have signed a contract for a 50-50 joint venture to explore mineral deposits in China
A metallurgical engineer at Rio Tinto Group checks the pressure in a vat inside the company's plant in Melbourne, Australia.[Photo/Agencies]

Mining giant Rio Tinto and China's State-owned Minmetals have signed a contract for a 50-50 joint venture to explore mineral deposits in China, which analyst called a win-win situation as it would enable both sides to maximize their individual advantages in exploring, developing and sales and marketing.

The priority for the joint venture will be mineral targets in China that have been identified under the Technical Collaboration Agreement, which the two sides signed in November and committed to a collaborative partnership in mineral exploration, said Rio Tinto.

The future collaboration of the parties will expand to exploration of global resources, it said.

"The formalization of the exploration joint venture is an important milestone in our growing partnership with China and Minmetals, which is an increasingly important player in the global mining industry," said Rio Tinto CEO J-S Jacques.

"Our complementary strengths in exploration put us in the best possible position to find metals and minerals essential to human progress."

China has been the company's biggest customer and Rio Tinto generates more than 44 percent of its global revenue from the country, supplying lots of products including copper and iron ore for steel, and bauxite for aluminum and diamonds, said Jacques, head of the world's second-biggest mining company.

Zhu Yi, a Hong Kong-based analyst at Bloomberg Intelligence, said the joint venture could also help Minmetals' overseas expansion as the joint venture starts with mining assets in China then shifts to overseas.

"China Minmetals has strength in base metals including copper, zinc, and nickel, and minor metals including tungsten, and antimony, with abundant resources and leading production volume," she said.

"The company could leverage the expertise of Rio Tinto, the world's second-largest iron ore miner, in iron ore, to explore Minmetals abundant iron ore resources in China. On the other hand, the JV offers Rio Tinto access to China market, the largest consumer for most metals."

According to Zhu, China is the largest consumer for most metals, and Rio's move shows its interests in the market about potential collaboration of developing resources and getting closer to the customer.

That is also the reason more international mining firms like BHP and Vale are looking to team up with Chinese counterparts, she added.

The registered capital of the joint venture is $31.3 million with initial contributions of $5.5 million by each party within about 6 months of establishment of the joint venture.

According to Guo Wenqing, president of China Minmetals Corporation, 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 joint venture is subject to regulatory approvals.

Order Online
Contact Us
Tel: 400-988-9999
Fax:010-82889999
Phone :+8615313587056
Email:Sale@sino-report.com
Email:Cousult@sino-report.com
Online Consultation
MSN :Sino-report@hotmail.com
MSN :Sino-report@foxmail.com
Skype: Please Please
Latest Reports
  More>>
[Metallurgy] Iron and steel sector gains strength
[Metallurgy] Steel, aluminum tariff receipts flow to US
[Metallurgy] China shines as long-term gold industry leader
[Metallurgy] Steel sector makes headway in capacity reduction
[Metallurgy] Steel sector making good progress in pollution control, say experts
[Metallurgy] Rio Tinto, Minmetals sign JV to explore mineral deposits in China
Popular reports
  More>>
Iron and steel sector gains strength
Industry Data
  More>>
China opens market to Kenya's agricultural products
China's publishing industry booming over past 40 years
Industrial Production Operation in July 2018
Total Retail Sales of Consumer Goods in July 2018
National Real Estate Development and Sales in the First Seven Months of 2018
NSDP/SDDS for the People's Republic of China
Market Price of Important Means of Production in Circulation, July 01-10, 2018
In the first five months of 2018, the profits made by industrial enterprises above the designated siz
Purchasing Managers Index for June 2018
Market Price of Important Means of Production in Circulation, June 21-30, 2018
In global EV battery shipments during Jan - Apr 2018, LG Chem and Samsung SDI ranked 4th and 6th
Based on Jan - Apr shipment record, Kia Motors Remain on Top 10 in Global PHEV Power Brands Ranking
Consumer Prices for May 2018
Producer Prices for the Industrial Sector for May 2018
Industrial Production Operation in May 2018
Investment in Fixed Assets for the First Five Months of 2018
National Real Estate Development and Sales in the First Five months of 2018
Producer Prices for the Industrial Sector for April 2018
Stable Performance for the National Economy in April
Total Retail Sales of Consumer Goods in April 2018
Industrial Production Operation in April 2018
National Real Estate Development and Sales in the First four months of 2018
Sales Prices of Residential Buildings in 70 Medium and Large-sized Cities in April 2018
Industrial Profits Increased in the First Four Months of 2018
Industry News
  More>>
Iron and steel sector gains strength
China’s wines take center stage
Machinery manufacturing fair boosts Sino-Russian ties
Medical device manufacturers display their latest technology
Soybean farmers store crops amid hopes of higher prices
Tourism industry opening on agenda
Tech competition eases startups' access to China market
China's excavator sales grow 44.9% in October
China's solid waste imports continue to slump on tightened ban
Delivery orders jump 25.12% to 1.35b on Singles Day
Related Links
Rio Tinto and Chinalco Joint to explore for new mineral deposits in China
China's crude steel demand will rise during the 12th Five-year Plan period

Sitemap       |       Join Us      |       Customer Service       |       About Sino-report
Copyright © 2011-2025 Sino-report Consult Inc.
Sino-report@hotmail.com    Postmaster@sino-report.com
No.18 Zhichun Road, Haidian District. Beijing 100089.China
Information and data contained in this site is for reference only pursuant to operate your own risk
Sino-report