Australian mining giant Rio Tinto is interested to set up a joint venture with Aluminum Corp of China, the largest alumina producer in the country and also the largest shareholder of Rio Tinto with a 9% stake.

Reportedly, Rio Tinto CEO Tom Albanese is due to meet executives of Chinalco during a trip to China in late March to discuss the possibility of the JV. It is also said that any deal between the two firms would involve offshore assets, possibly in Mongolia or West Africa.

According to analysts, a joint venture with Chinalco would provide the Australian company with an excellent opportunity to get Chinese funding.