Wired News – Rio Tinto Forms JV with China Minmetals for Exploration of New Mineral Deposits in China and Globally

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LONDON, UK / ACCESSWIRE / June 11, 2018 / If you want access to our free research report on Rio Tinto PLC (NYSE: RIO), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=RIO as the Company’s latest news hit the wire. On June 07, 2018, the Company announced that it has signed a formal technical collaboration agreement with China Minmetals Corp. (“Minmetals”) for the formation of a joint venture (JV) Company. The 50:50 JV will pursue mineral exploration opportunities inside and outside China. The formation of the JV is subject to regulatory approvals. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Commenting on the formation of the JV with Minmetals, Jean-Sebastien Jacques, Chief Executive Officer (CEO) of Rio Tinto, said:

“The formalization 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.”

Guo Wenqing, President of Minmetals, added:

“The collaboration is very significant to Minmetals. Rio Tinto has a 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.”

Scope of the JV

The JV Contract is between Rio Tinto Minerals Development Ltd and Minmetals Exploration & Development Co. Ltd. The event was witnessed by senior representatives of both Companies, Jean-Sebastien Jacques and Guo Wenqing.

The primary focus of the JV will be the exploration for mineral deposits in China. Later on, the JV would expand its focus to mineral exploration across the world. The JV is expected to have a registered capital of RMB200 million (approximately $31.3 million), with each Company contributing RMB35 million (approximately $5.5 million) initially. The initial contributions will be done within six months of forming the JV. All future contributions by the JV partners will be done after unanimous approvals of the parties and linked to agreed target areas.

Backdrop Leading to the Formation of the JV

In November 2017, Rio Tinto and Minmetals had signed a Technical Collaboration Agreement (TCA) for collaboration and partnering for exploration of minerals. The TCA was between Minmetals’ subsidiary Minmetals Exploration & Development Co. Ltd. and Rio Tinto’s subsidiary Rio Tinto Minerals Development Ltd. The TCA was the result of the Heads of Agreement on Global Exploration Collaboration signed in June 2017, which outlined the broad principles and framework of the collaboration between the two Companies. The formation of the JV is the result of the TCA signed in November 2017.

About China Minmetals Corp.

Beijing, China-based Minmetals is one of the biggest state-owned metal ore mining Company in China. It is the world’s biggest and best metallurgical engineering service provider. Its services cover the entire gamut of metal mining from resource acquisition, investigation, design, construction, and operation, to logistics and deep processing. The Company is capable of providing systematic solutions and integrated lifecycle services to engineering, construction, and operation to other metal mining Companies. The Company’s operations, resource projects, and contracted engineering projects are present in over 60 countries and regions.

About Rio Tinto PLC

London, UK-based Rio Tinto is a global mining and metals giant. It is one of the world’s largest producers of a range of essential materials like aluminum and copper, gold, diamonds, industrial minerals, iron ore, coal, and uranium. The Company owns and operates mines, mills, refineries, smelters, and power stations, research, and service facilities. The Company has its own logistics and distribution network including railways, ports, and ships. The Company’s operations are spread across 35 countries in 6 continents.

Stock Performance Snapshot

June 08, 2018 – At Friday’s closing bell, Rio Tinto’s stock slightly declined 0.70%, ending the trading session at $59.22.

Volume traded for the day: 1.93 million shares.

Stock performance in the last month – up 4.70%; previous three-month period – up 13.73%; past twelve-month period – up 40.63%; and year-to-date – up 11.88%

After last Friday’s close, Rio Tinto’s market cap was at $105.85 billion.

Price to Earnings (P/E) ratio was at 11.56.

The stock has a dividend yield of 3.71%.

The stock is part of the Basic Materials sector, categorized under the Industrial Metals & Minerals industry.

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