TelestackPort of StocktonPort of South LouisianaVan AalstViganTBA Group
  • Sailors Society
  • Geneva Dry
  • Bühler GmbH
  • Telestack
  • Port of South Louisiana
  • Port of Stockton

Rio Tinto and Minmetals formalise JV for mineral exploration

(Posted on 08/06/18)

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 parties committed to a collaborative partnership in mineral exploration. The joint venture is subject to regulatory approvals.

Rio Tinto chief executive J-S Jacques and China Minmetals president Guo Wenqing witnessed the signing of the Joint Venture Contract by Rio Tinto Minerals Development Limited and Minmetals Exploration & Development Company Limited.

Rio Tinto chief executive J-S Jacques said, “The formalisation of the exploration joint venture is an important milestone in our growing partnership with China and Minmetals, who is an increasingly important player in the global mining industry. Our complementary strengths in exploration put us in the best possible position to find metals and minerals essential to human progress.”

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. The future collaboration of the parties 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 6 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.

Minmetals is considered to be a related party of Rio Tinto plc under the UK’s Financial Conduct Authority Listing Rules. The entry into the joint venture is a smaller related party transaction, falling within UK Financial Conduct Authority Listing Rule 11.1.10R.

Rio Tinto has also completed the sale of its 75 per cent interest in the Winchester South coal development project in Queensland, Australia, to Whitehaven Coal Limited.

Total consideration of $200 million is comprised of $150 million in cash received today and an unconditional cash payment of $50 million due in 12 months.

The sale of Rio Tinto’s interests in the Kestrel and Hail Creek coal mines and Valeria coal development project are expected to complete during the second half of 2018.

Latest News

Richards Bay Minerals’ renewable energy agreement

(Posted on 07/06/24)

Richards Bay Minerals (RBM) has signed a renewable power purchase agreement (PPA) with Khangela Emoyeni... Read more


Trafigura half year result show core business strength

(Posted on 07/06/24)

Trafigura Group Pte Ltd, a market leader in the global commodities industry, has released its 2024 Half... Read more


New Zealand aluminium smelter’s future secured with power deals

(Posted on 01/06/24)

New Zealand Aluminium Smelters (NZAS) has signed 20-year electricity arrangements that secure the future... Read more


NGFA statement on farm bill advanced by House Ag Committee

(Posted on 31/05/24)

The House Agriculture Committee in the USA have advanced a farm bill that includes several important... Read more


Rio Tinto and BHP collaborate on electric trucks in the Pilbara

(Posted on 28/05/24)

In an industry first, Rio Tinto and BHP will collaborate on the testing of large battery-electric haul... Read more


KEZAD signs lease agreement with Ducab Metals Business

(Posted on 28/05/24)

KEZAD Group, the largest operator of integrated and purpose-built economic zones, and Ducab Metals Business... Read more


Anglo American simplifies portfolio of copper, premium iron ore and crop nutrients assets

(Posted on 22/05/24)

Anglo American plc is setting out a clear, compelling and decisive plan to unlock significant value... Read more


ADM report details regenerative agriculture and array of accomplishments

(Posted on 15/05/24)

ADM has released its 2023 Corporate Sustainability Report, highlighting an extensive array of accomplishments... Read more


British Steel wins contract for high-speed electric railway in Turkey

(Posted on 15/05/24)

British Steel has won a multi-million-pound contract to supply rail for a new high-speed electric railway... Read more


NGFA urges Canadian leaders to avoid rail strike

(Posted on 13/05/24)

The National Grain and Feed Association (NGFA) in the USA and 19 other members of the Agricultural Transportation... Read more


Sailors SocietyCimbriaBühler GmbHGeneva DryTMS Awards 2023
  • TBA Group
  • Cimbria
  • TMS Awards 2023

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping