Rio Tinto, Chinalco Plan Joint Venture in China

BEIJING—Anglo-Australian miner Rio Tinto PLC and its Chinese partner, Aluminum Corp. of China, have signed an agreement to establish a joint venture to explore mineral resources in China, the two companies said Friday.

Under the agreement, Chinalco will take a controlling 51% stake in the venture, with Rio holding the rest, according to a statement.

The venture will start operations in the first half of 2011 at the earliest.