07 Jun Rio Tinto signs exploration partnership deal with China Minmetals Corp
Rio Tinto (ASX:RIO) and China Minmetals Corp have signed a Heads of Agreement (HoA) which will see the firms discuss potential opportunities for collaboration in mineral exploration.
The agreement follows the striking of a Memorandum of Understanding (MoU) signed in March, with the following HoA outlining the principles and framework of any collaborative exploration both in and outside China.
Rio’s chief executive J-S Jacques said: “Minmetals is rapidly becoming an important player in the global mining industry and we look forward to partnering with them.
“Our complementary strengths in exploration across the globe put us in the best possible position to find the metals and minerals that are essential to our modern lives.”
Minmetals is the largest iron and steel trader in China and one of the largest metals and minerals trading companies in the world.
The next stage in the working agreement will be for Rio and Minmetals to formulate joint teams and begin identifying targets for potential collaboration.