The Wolfson Centre for Bulk Solids Handling Technology TelestackSailors SocietyBühler GmbHCimbriaTOC Events
  • Bühler GmbH
  • Sailors Society
  • The Wolfson Centre for Bulk Solids Handling Technology
  • Cimbria
  • Cleveland Cascades Ltd
  • Van Aalst

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

thyssenkrupp sells mining business to FLSmidth

(Posted on 29/07/21)

thyssenkrupp has announced the sale of its Mining Technologies business unit to the Danish company FLSmidth... Read more


Rio Tinto progresses studies for underground mining at Kennecott

(Posted on 26/07/21)

Rio Tinto has approved a $108 million investment in underground development to enable early orebody... Read more


En+ Group sustainability report sets new targets

(Posted on 20/07/21)

En+ Group, the world’s largest producer of low carbon aluminium, has published its 2020 Sustainability... Read more


Rusal to supply Rheinfelden with low carbon aluminium

(Posted on 15/07/21)

Rusal, a leading global aluminium producer, has announced that it will supply its plant Aluminium Rheinfelden... Read more


Largest Korean steel producer and Rio Tinto sign climate MOU

(Posted on 11/07/21)

Rio Tinto and POSCO, the largest steel producer in South Korea and one of the world’s leading... Read more


BHP announces divestment of Cerrejón interest

(Posted on 05/07/21)

BHP has announced that it has signed a Sale and Purchase Agreement with Glencore to divest its 33.3... Read more


Galena fund: first for commodities industry

(Posted on 01/07/21)

Galena Asset Management, a wholly-owned investment subsidiary of Trafigura, one of the world’s... Read more


Force majeure declared at Richards Bay Minerals

(Posted on 01/07/21)

Rio Tinto has declared force majeure on customer contracts at Richards Bay Minerals (RBM) in South Africa... Read more


Rio Tinto to drive decarbonisation with Schneider

(Posted on 28/06/21)

Rio Tinto, a leading global mining and metals company, and Schneider Electric, the leader in digital... Read more


Rio Tinto deploys first fully autonomous water trucks

(Posted on 22/06/21)

Rio Tinto will deploy the world’s first fully autonomous water trucks at its $2.6 billion Gudai... Read more


ViganCleveland Cascades LtdPort of StocktonTBA GroupCoaltrans Asia 2021Van Aalst
  • Coaltrans Asia 2021
  • TMS Awards 2021
  • Telestack
  • TBA Group

Subscribe to our newsletter

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