year. The expansion is projected to add 70,000 tonnes a year to the project. Chinalco has invested $1.3 billion in its Toromocho mine in 2018, which it acquired in 2007. The project came online in 2013 and is, besides copper, primarily producing silver and molybdenum. The investment constitutes an increase of 45 percent by 2020, with the value of production from this move expected to exceed $2 billion. Joint Venture with Rio Tinto In 2011, China Aluminum Corporation and Rio Tinto, the world's second largest mining company, created a joint venture in order to explore deposits in China. According to Rio Tinto chief executive Tom Albanese, the joint venture was meant to be “an important milestone in the expanding relationship between Rio Tinto and China.” Chinalco was the majority stakeholder of the project, holding 51% of shares, while Rio Tinto held 49%. On January 18, 2017, it was reported that the two corporations had terminated the joint venture, and had begun to liquidate the joint venture company, Chinalco Rio Tinto Exploration Co. References External links Companies formerly in the Hang Seng China Enterprises Index Manufacturing companies based in Beijing Companies formerly listed on the New York Stock Exchange Companies listed on the Hong Kong Stock Exchange Companies listed on the Shanghai Stock Exchange Aluminium companies of China Former companies in the Hang Seng Index Companies in the Hang Seng China Enterprises Index Government-owned companies of China Metal companies of China Non-renewable resource companies established in 2001 2001 establishments in China