Mining giant, Rio Tinto and China's Chinalco are in talks to form various joint ventures in Mongolia and Guinea. This news was published by a Chinese newspaper, Oriental Morning Post.

Both the companies are into the business of minerals and also deal with mining.

The newspaper further said that the Vice President of Chinalco, Lu Youging has said that the company is planning to invest heavily in the Oyu Tolgoi copper-gold project in Mongolia. They would also be developing the region.

The investment is to be done by Ivanhoe Mines, which is Rio Tinto's partner.

Lu also said that there are plans to start a joint venture which would be developing the Simandou iron ore mine in Guinea.

The above news has come just a few hours after there were reports which said that Chinalco's plans to raise its stake in Rio Tinto have failed.

This was being done by the company so that it can increase its overseas operations. And since Australia is one of the main raw material suppliers, not only for the company but also for China, it had tried very hard to increase its holding in Rio Tinto.