Rio Tinto and China Minmetals Corp. entered into a formal agreement for their 50/50 exploration joint venture in China.
The joint venture will have a registered capital of 200 million Chinese yuan, with initial contributions of 35 million yuan from each party within six months.
According to a June 7 release, the joint venture will initially prioritize mineral targets in China and will later expand to exploration of global resources.
The formal agreement was signed by Rio Tinto Minerals Development Ltd. and Minmetals Exploration & Development Co. Ltd.
The companies signed a technical collaboration agreement in November 2017 to pursue exploration opportunities in China and abroad.
As of June 6, US$1 was equivalent to 6.39 Chinese yuan.
