Chinalco and Rio Tinto will explore mainland China for world-class mineral deposits under a joint venture. Once established the JV will operate under the name Chinalco Rio Tinto Exploration Co. Ltd (CRTX). CRTX combines business expertise from a leading Chinese company with cutting-edge technologies and global mining and exploration experience from one of the world's top miners. Chinalco will hold a 51% interest in the JV, and Rio Tinto will hold a 49% interest. Chinalco will nominate three directors including the chairman plus the chief financial officer, deputy general manager and compliance supervisor. Rio Tinto will appoint two directors and the general manager, who will be responsible for day-to-day operations. It is expected the CRTX headquarters will be in Beijing.
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