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.
“The joint venture exploration company has ceased operation and entered the liquidation phase,” Chinalco said in an emailed statement. Rio has discontinued exploration …
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