Rio chief executive Tom Albanese also said the company hoped for a "timely and transparent resolution" of the case against top executive Stern Hu, who was arrested in China weeks after the 19.5 billion US dollar tie-up collapsed.

"We are still keen to work with Chinalco in future on projects of mutual benefit," Albanese told a conference in Perth.

"It is too early to say what these might be but I am encouraged that we have had some recent engagement," he added.

"We want the underlying common interests between Rio Tinto and China to once again drive us towards ever-deepening co-operation."

Rio snubbed Chinalco's offer in favour of a joint venture in Western Australia with bitter rival BHP Billiton in June. Albanese said a binding agreement was expected by December 5.

Chinalco reportedly turned down an offer to take a stake of up to five percent in the 116 billion dollar venture.

In July, the arrest of Australian passport-holder Hu and three of his colleagues amid fraught iron ore contract talks also drove a wedge between Canberra and Beijing.

China's vice-premier Li Keqiang called for a new era of cooperation between the key trading partners during a fence-mending visit last month, citing "extensive" common interests and enormous opportunities for development.

Albanese said Rio's long-term confidence in China as a customer and strategic partner remained "as strong as ever".

"Over the next five years, China is expected to consume more iron ore than Australia has exported throughout its history," he said.

"China will be crucial to the future wealth of this country."

The Reserve Bank of Australia last week lifted its growth forecasts on a bullish performance from the resources sector, where it said investment was at "historically high levels".

China was Australia's third-largest investor last year, behind the United States and Britain. It accounted for 49 of the 153 deals involving Asian investors, and forked out 6.78 billion US dollars, mostly in mining acquisitions.

Canberra in October approved Yanzhou Coal's 3.2 billion US dollar takeover of miner Felix, the biggest-ever by a Chinese firm. It has since given the green light to bids by Baosteel and Wuhan for Australian ventures.

Australia's top Treasury official Ken Henry has forecast a return to a decades-long commodities boom, fuelled by rocketing demand from fast-industrialising China and India.

BHP Billiton has said it expects China and India to drive a doubling in global steel demand in 15 years, and a surge in demand for energy of almost 40 percent.

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