Rio Tinto and Minmetals agree to look at exploration collaboration

Rio Tinto and Minmetals have today signed a Heads of Agreement (HoA) to discuss opportunities for potential collaboration in mineral exploration.

It follows a Memorandum of Understanding signed in March this year when both parties committed to examine opportunities for cooperation and collaboration.

The HoA sets out the principles and framework for a potential mineral exploration collaboration, both inside and outside China.

Rio Tinto chief executive J-S Jacques said "Minmetals is rapidly becoming an important player in the global mining industry and we look forward to partnering with them. 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."

China Minmetals Corporation chairman He Wenbo said "Rio Tinto is a leading global mining group that has accumulated tremendous exploration experience and success over time. Minmetals is a fast growing company and the partnership with Rio Tinto will help secure mutual global opportunities for quality resources and enhance our long-term development in the mining sector."

Rio Tinto and Minmetals will now work to formalise written agreements detailing the principles and other matters relating to its implementation and to establish joint teams to start the process of identifying targets for potential exploration collaboration.