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Rio Ends Quest for China Mine Riches With Biggest Holder

  • Joint exploration venture with Chinalco has ceased operations
  • London-based Rio has reduced scope of global exploration
Photographer: Martin Leissl/Bloomberg
Updated on

Rio Tinto Group and its largest shareholder Aluminum Corp. of China have terminated their joint venture established to find copper deposits, as global mining companies tighten exploration budgets.

Chinalco Rio Tinto Exploration Co., a joint venture between Rio and Aluminum Corp., also known as Chinalco, was launched in 2011 to seek out deposits in China and had plans to expand its search to coal and potash.