14
Sep
08:59
Rio Tinto, Baowu to develop Western Range
Australian miner Rio Tinto and Chinese steel giant Baowu Group have agreed to establish a joint venture company to develop the Western Range iron ore project in the Pilbara, Western Australia.
Total investment will be $2 billion, including $1.3 billion from Rio and $700 million from China Baowu. Meanwhile, Rio holds 54% of the new JV and Baowu gains the remaining 46%, Kallanish notes.
Western Range's production capacity of 25 million tonnes/year of iron …
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