China Minmetals and Rio Tinto set up a joint venture exploration company

China Minmetals Group Co., Ltd. (hereinafter referred to as "China Minmetals"), the largest domestic mining giant, and Rio Tinto, the global mining giant, have taken a step forward in their joint exploration recently. According to the official website of China Minmetals, on the afternoon of December 30, the unveiling ceremony of Minmetals Rio Tinto exploration Co., Ltd. was successfully held in Sanya, Hainan Province. Guo Wenqing, general manager of Minmetals Corporation of China, deputy secretary of the Party group and chairman of MCC group, together with Tong Daochi, member of the Standing Committee of Hainan provincial Party committee and Secretary of Sanya Municipal Party committee, attended and inaugurated Minmetals Rio Tinto exploration Co., Ltd. Before the ceremony, guowenqing held working talks with tongdaochi, and the two sides had in-depth exchanges on further deepening strategic cooperation. According to the introduction, Rio Tinto exploration Co., Ltd. of Minmetals will realize strong and strong cooperation after its establishment, and jointly form a strong exploration team to explore and discover world-class mineral resources, tap high-quality mineral exploration opportunities, and promote the company's long-term and sustainable development in the mining field of China.

At the same time, it will further strengthen data exchange and research, promote technological innovation and research and development, and create a highland for new exploration technologies and methods in China. According to public information, exploration cooperation between China Minmetals and Rio Tinto began in 2017. On March 17 of that year, China Minmetals and Rio Tinto held a signing ceremony of the memorandum of understanding on strategic cooperation in Beijing, officially establishing the strategic partnership. Just over two months later, the two sides took the first step in implementing their strategic partnership. On June 6, 2017, China Minmetals exploration and Rio Tinto Mineral Development Co., Ltd. (hereinafter referred to as "Rio Tinto exploration") held a signing ceremony of the framework agreement on global exploration cooperation in Beijing. Rio Tinto chief executive Jean-Sebastien Jacques (Xia Jiesi) said at the time, although today, finding and finding world-class mines is very difficult, but Rio Tinto Group and China's five mines cooperation team integrity, technology, pragmatism, efficiency and passion, we can create a better future of mine exploration, and contribute to the implementation of the "one belt and one road" initiative. In November 2017, the two sides signed a technical cooperation contract. On June 7, 2018, Rio Tinto signed an exploration joint venture agreement with China Minmetals to explore world-class minerals in China. Rio Tinto and Minmetals each hold 50% of the joint venture. Rio said on the same day that the registered capital of the joint venture was 200 million yuan.

Within about six months after the establishment of the joint venture, each party will inject an initial capital of 35 million yuan, and the subsequent capital will be invested according to the target areas jointly selected by both parties and approved by both parties. According to the content of this official website of China Minmetals, on May 18 this year, China Minmetals signed a strategic cooperation agreement with the people's Government of Sanya, and then carried out the relevant preparations for the landing of Minmetals Rio Tinto exploration Co., Ltd. in Sanya, and completed the company registration and foreign business filing. According to industrial and commercial data, Minmetals Rio Tinto exploration Co., Ltd. was founded on August 23, 2019, with a registered capital of 200 million yuan. Minmetals exploration and Development Co., Ltd. and Rio Tinto Mineral Development Co., Ltd. each hold 50% of the shares. The company's business scope includes exploration and development of copper (and gold and silver as associated minerals), lead and zinc or their combination; acquisition and management of mineral rights and related activities; external investment and management with its own assets; research, development and consultation of exploration and mining technology.

Wang jionghui is the legal representative, chairman and general manager of the company, and he is also the legal representative of Minmetals exploration. China Minmetals said that the successful landing of Rio Tinto exploration Co., Ltd. in Sanya, Hainan, is conducive to the further exploration of cooperation potential and expansion of cooperation space between China Minmetals and Sanya, especially in resource exploration, marine exploration and mining technology research and development, infrastructure construction and municipal engineering, trade logistics and the construction of the company's headquarters base, finance, real estate and health care And other fields will foster more development opportunities and make greater contributions to the construction of Hainan pilot free trade zone with high standards and quality. China Minmetals is a strategic reorganization of the former top 500 enterprises of China Minmetals and China Metallurgical Group. It is an important state-owned backbone enterprise with metal minerals as its core business and under the direct management of the central government. It is one of the first pilot enterprises of state-owned capital investment companies in the field of China's metal minerals. It is committed to the acquisition and development of high-quality metal mineral resources. Its total assets amount to 2.1 trillion and its total assets amount to 2.1 trillion With nearly 940 billion yuan, it is the only world-class mining aircraft carrier in China's metal mining industry, surpassing Rio Tinto, BHP Billiton and vale.