Chinalco, Rio Tinto Plan Mining Joint Venture in China

(Beijing) - Australian mining giant Rio Tinto and the Aluminum Corporation of China (Chinalco) are on the final stages of negotiations of a domestic mining joint venture in China, according to Ian Bauert, Rio Tinto's managing director in China.

In December 2010, Rio Tinto and Chinalco signed a memorandum of understanding in Beijing to form a venture in which Chinalco holds 51 percent stake while Rio Tinto holds the remaining 49 percent. Rio Tinto will have the right to name the CEO for the new venture, and Chinalco will appoint the president.