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Anglo-Australian metal digger Rio Tinto sealed a vital deal with China to jointly develop a vast iron ore reserve in Africa.
Rio will join forces with Beijing controlled Chinalco to exploit a deposit in Guinea, in West Africa.
The deal suggests Rio is beginning to repair its fractured relationship with China, which foundered after it scrapped a proposed alliance with aluminium firm Chinalco last year.
Joining forces: Both companies aim to mine in Guinea, West Africa
Four of Rio's executives are due to go on trial in Shanghai on allegations of giving and receiving bribes and illegally obtaining commercial secrets. Rio has protested their innocence.
Under the accord, Rio will end up owning 50.35pc of the venture and Chinalco 44.65pc, the statement said.
The Chinese will make a £900m contribution to fund development of the deposit, which requires hefty spend on rail and port infrastructure.
Rio chief Tom Albanese said: "We have long believed that Rio Tinto and Chinalco could work together on major projects for mutual benefit."