On the other hand, a second Chinese mining company operating in Peru, state-owned Chinalco, has so far behaved differently.

CENTERFORSECURITYPOLICY: Questionable Chinese mining practices in Latin America

But it was objections from Rio's shareholders, and a recovery in commodities prices which lifted mining firms' share prices and made the proposed deal with Chinalco look too generous, that ultimately scuppered the plan.

ECONOMIST: Face value

In June, Rio rejected an offer by Chinalco, a state-controlled aluminium company, to raise its stake in the mining company to 18%, preferring a joint venture with BHP Billiton encompassing the iron ore assets of both comanies in Australia.

ECONOMIST: Rio Tinto and China

In 2009 Rio Tinto, an Anglo-Australian mining firm, withdrew from a deal to sell a series of minority stakes to Chinalco, a Chinese metals firm.

ECONOMIST: What it feels like to be bought by a Chinese firm

The companies will look to leverage their strengths by giving Chinalco global exposure in order to market their products better and Rio Tinto an opportunity to explore selected potential mining areas in China.

FORBES: Rio Tinto Gets Deeper Into China With Chinalco JV