Chinalco Rio Tinto Exploration

From Global Energy Monitor

Chinalco Rio Tinto Exploration is a joint venture between Rio Tinto and Chinalco which was announced in June 2011 at a joint signing ceremony in Beijing. In a media release Rio Tinto stated that "the immediate priority for CRTX will be copper exploration, with coal and potash among other commodities potentially considered at a later date."[1]

Rio Tinto announced that Chinalco will hold a 51 per cent interest in the JV and Rio Tinto will hold a 49 per cent interest. "Chinalco will nominate three directors including the chairman plus the chief financial officer, deputy general manager and compliance supervisor. Rio Tinto will appoint two directors and the general manager, who will be responsible for day-to-day operations. It is expected the CRTX headquarters will be in Beijing," Rio Tinto stated.[1]

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