Chinalco Executive Director Liu Xiangmin has said his company is currently in talks with Rio Tinto on the joint development of the Oyu Tolgoi deposit. With a USD15.5-billion investment for around a 9% stake, Chinalco is already the single biggest shareholder in Rio Tinto, which owns a 22.4% stake in Ivanhoe Mines Ltd., the Canadian company that is developing the Oyu Tolgoi project.