Rio Tinto Says Its Open To More China Ventures

Mining giant Rio Tinto RTP said it would like to see more joint ventures with Chinese companies as the British company seeks to continue improving relations with its biggest customer. Rio CEO Tom Albanese said in a speech in Shanghai that his company has the know-how to help China exploit more domestic resources. Rio has had a contentious relationship with China after scuttling a $19.5 billion venture with Aluminum Corp. of China ACH. Four Rio workers based in China were later arrested and convicted on bribery charges. Rio's China relations improved earlier this year when the company said it would partner with Chinalco on a Guinea iron ore project. Chinalco is Rio's largest shareholder. "I also see opportunities for us to team up with Chinese companies to explore outside China, bringing both companies' strengths to the project," Albanese said, according to the Telegraph, a U.K. daily newspaper.