Rio Tinto
(ASX:RIO) chief executive Tom Albanese is expected to visit Chinese mining company Chinalco during a trip to Beijing later this month.
The miner is exploring opportunities to create a joint venture with Chinalco, which is its largest shareholder holding a 9% stake in the miner.
News of the talks between the two companies comes just over a week after Chinalco made a fresh push for a seat on Rio’s board.
Rio insiders are said to have dismissed that move as ‘wishful thinking’.
The Australian Financial Review newspaper says it’s likely that any deal between the two companies would involve offshore assets, possibly in Mongolia or West Africa.
Many analysts believe that a Chinalco joint venture represents an excellent opportunity for Rio as it would give the miner access to Chinese funding.
Rio Tinto’s 2009 net profit was $5.4 billion.
