Rio Tinto and China Minmetals Corp on Tuesday signed an outline deal on collaboration in mineral exploration, saying the partnership would position it to find the reserves needed for today’s economy.
Major miners have been seeking ways to maximize exploration budgets and they have also been analyzing the sustainability of their portfolios as the needs of China, the world’s biggest commodity consumer, change as its economy matures.
“Minmetals is rapidly becoming an important player in the global mining industry and we look forward to partnering with them,” Rio Tinto Chief Executive J-S Jacques said in a statement.
“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.”
Partnership with the “fast-growing” Minmetals would “help secure mutual global opportunities for quality resources”, China Minmetals Corporation Chairman He Wenbo said.
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