The share price of diversified mining giant Rio Tinto Limited (ASX: RIO) is down 1.25% to $90.62 today.
Investors have pushed the ASX mining share lower on Tuesday on no news.
Noteworthy, however, is that the company recently held a meeting with senior executives of the state-owned China Mineral Resources Group.
In the broader market, the S&P/ASX 300 Metals and Mining Index (ASX: XMM) is flat today.
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Rio Tinto a 'trusted partner' to China
Following recent changes to import/export legislation from policymakers in China, the newly-formed China Mineral Resources Group is now overseeing the supply of mineral resources into the country.
Naturally, this involves purchasing too, especially given the country's previous vocal frustration at volatility and surging prices in iron ore markets.
Now as the new administration is put into place, Rio's CEO, Jakob Stausholm, has met with the group, The Australian reports.
Stausholm was joined by Rio Tinto chief commercial officer, Alf Barrios, in a video meeting with the management of the China Mineral Resources Group.
For Barrios, the opportunity extends a lengthy relationship selling into China and the development is a "win-win" for those involved.
Rio's website in China says:
… given the importance of the supply chain in supporting China's economic growth, Rio Tinto will continue to strive to be a trusted partner in China.
What else is happening for Rio Tinto?
Meanwhile, further positive news for Rio Tinto came earlier this week after it came to an agreement to acquire the remaining 49% interest in Canadian-listed Turquoise Hill Resources for $4.8 billion.
The decision comes after a drawn-out process where several offers were previously rejected.
Rio Tinto share price review
In the past 12 months, the Rio Tinto share price has extended its slide into the red. It's down more than 18% in that time.
