Iron ore price slumps to three-week low on weak China demand, strong global supply
Property investment in China fell 10.1% in the first half of 2024 from a year earlier.
A joint venture between uber-miner Rio Tinto and Chinese partner Chinalco was finalized on Friday.
The JV, called CRTX, has been officially registered and cleared to do business in China.
The new company’s priority will be exploring for copper, with plans to expand into coal and potash, Rio Tinto stated in a news release.
“China is a vast country rich in minerals and it has the geological pedigree to produce significant world-class deposits. Exploration work carried out over past decades is a rich source of data and experience on which to build. With Rio Tinto’s industry-leading technology and global mining experience, the exploration JV will be able to drawn on the two parties’ strengths to achieve our common goal,” said Rio Tinto managing director China Ian Bauert.
CRTX chairman Wang Dongsheng said Chinalco will conduct geological prospecting while it it aligns with initiatives from the Ministry of Land and Resources.
Rio Tinto and Chinalco initially signed the JV exploration agreement in June. Chinalco will hold a 51% interest in the new company, with Rio Tinto retaining 49%.
Rio Tinto and Chinalco have a checkered past. In 2009 Rio rejected a $19.5 billion investment from Chinalco — a state-owned aluminum producer. The two firms made peace last year when they became joint-venture partners in the Simandou iron ore deposit in Guinea.
