Rio Tinto Limited
(ASX:RIO) has entered a joint venture agreement with Tasman Resources Limited.
It will fund the exploration of Tasman’s Vulcan project, which is near the Olympic Dam site in South Australia.
Rio’s subsidiary, Rio Tinto Exploration Pty Limited, will pay $10 million to boost the project, and Tasman will spend $5 million exploring over the coming year.
Rio Tinto posted a net profit of $7.5 billion in the six months to June 30, 2011.
