Rio, Chinalco Sign China Exploration Cooperation Deal

Bloomberg.com reports that Rio Tinto(NYSE:RIO) and Aluminum Corp of China have jointly decided to seek and develop Chinese coking coal deposits.

The story is quoted as saying:

Rio Chief Executive Officer Tom Albanese said in March he wanted to help China secure overseas mines and explore for domestic deposits after he had agreed to sell Chinalco, as the state-owned company is known, a 44.65 percent stake in the Simandou iron ore mine in Guinea. The agreement helped repair Rio’s relationship with China that was soured when it rejected Chinalco’s proposed $19.5 billion investment in June 2009.

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