The world’s top listed miner BHP Group said on Tuesday it had made its first yuan-denominated sale of iron-ore to China Baoshan Iron & Steel Co, known as Baosteel, and would explore using blockchain for such transactions in future.
The deal, worth nearly 100-million yuan ($14.1-million), shows the Chinese currency is making further inroads in iron-Ore trade after Baosteel, the listed arm of the world’s biggest steelmaker China Baowu Steel Group, bought for iron-ore from Brazil’s Vale in yuan in January.
BHP is expecting to be able to complete its first blockchain iron-ore transaction with Baosteel soon, it said in a statement.