Rio ends quest for China mine riches with biggest shareholder

Rio Tinto Group and its largest shareholder Aluminum Corporation of China have terminated their joint venture (JV) established to find copper deposits, as global mining companies tighten exploration budgets. Chinalco Rio Tinto Exploration, a JV between Rio and Aluminum Corpporation, also known as Chinalco, was launched in 2011 to seek out deposits in China and had plans to expand its search to coal and potash.