Rio Tinto and Aluminium Corp of China (Chinalco) have reportedly terminated their joint venture set up to explore for copper.
The joint venture, known as Chinalco Rio Tinto Exploration Co, was established in 2011 to explore for deposits in China. It also planned to search for coal and potash.
In an emailed statement to Bloomberg, Chinalco explained: “The joint venture exploration company has ceased operation and entered the liquidation phase.”
This follows Rio reporting in Tuesday’s quarterly update that it has ended exploration in China, India and Mexico.
The joint venture was 51 per cent owned by Chinalco, which is also the largest shareholder of Rio.