Rio Tinto and China Minerals Resources Group have signed a memorandum of understanding for strategic cooperation during the ongoing fifth China International Import Expo in Shanghai, Rio Tinto said on Tuesday.

The MoU focuses on areas of mutual cooperation related to the iron ore and steel-making value chains, supply chain stability and development, industry decarbonization and mineral resource development.

Since its first iron ore shipment to China in 1973, Rio Tinto has supplied China with more than 3.5 billion tons of high-quality iron ore.

"Rio Tinto has had a long and fruitful relationship with China and our partnership has lasted for over 120 years," Rio Tinto Chief Executive Officer Jakob Stausholm said.

"This new agreement reaffirms Rio Tinto's strong commitment to working with China to achieve high-quality and sustainable development. We are keen to work with China Mineral Resources, as well as China's steelmakers, to drive innovation and help reduce emissions throughout the value chain."