During a recent visit to Beijing, Rio Tinto’s CEO Tom Albanese noted that he would like to enter into additional partnerships with Chinese state firms in order to develop global mining projects. Activity in this area could help the company to fight BHP’s takeover bid.
The New Zealand Herald quotes Albanese as saying: “There are opportunities for cooperation on a joint venture basis, or something equivalent to that, and I think that Chinese state-owned enterprises could be very much a part of that picture.”
This statement comes against the background of tough iron-ore contract talks which would pit Rio Tinto against the Chinese Baosteel Group. Albanese stated that he was “philosophical” about the recent criticism leveled against Rio Tinto by Chinese steel industry leaders.