In 2008, the condition of mining behemoth, Rio Tinto was like a beggar. Tom Albanese who was the CEO at that time was under severe pressure to pay back $ 40 billion that it had taken for taking over Alcan, the aluminium maker at the top of the market in 2007.

Worldwide rating agency Fitch expressed that the fall down of BHP Billiton Ltd and Rio Tinto Ltd's considered iron ore making joint venture in Western Australia has no influence on their credit ratings.

The major mining giants on Monday established months of assumption by stating they had jointly decided to dump their planned tie-up in the Pilbara area due to the resistance from competition controllers.

Western Australia’s two major mining companies Rio Tinto and BHP Billiton cancel their ambitions to merge in a joint venture in order to start a joint iron ore production.

The planned joint venture of the two iron giants, which together are responsible for two thirds of all iron ore production on the globe, was supposed to bring about personnel and infrastructure savings of an amount of $10bn every year.

For BHP, the cancelation approximately result in a loss of 38p, or 1.7%, to £21.62 and for Rio Tinto the consequences are a loss of 100p, or 2.3%, to £40.44.

RIO Tinto is all set for a change in its Chinese strategy.

The mining Company is trying to emerge from its downfall due to corruption and appointed Chinese-born Ren Binyang as second in charge to Chinese President Ian Bauert.

On Thursday night, Rio Chief, Tom Albanese told Melbourne Mining Club that they have acknowledged that they have faced some challenges in China over the past year, and he had made it a personal objective to strengthen the relationships.