On Thursday, the state-run parent of Aluminum Corp of China Ltd. (2600.HK) formalised a joint venture with Rio Tinto (RIO.AX) to develop iron ore in Africa, bringing the listed Chalco into the project as it moves to diversify beyond its core aluminum business.

The press release is quoted as saying:

Chalco's (601600.SS) parent, known as Chinalco, had signed a $2.9 billion non-binding pact with Rio Tinto in March to develop the project. Chinalco holds a stake of around 9 percent in Rio.

Click here to access the entire press release ^[1]