World\u2019s second largest iron ore miner Rio Tinto (ASX, LON:RIO) and China Baowu Steel Group Corp will negotiate a possible extension of their joint venture in Western Australia\u2019s resources-rich Pilbara region.<\/p>\n
The companies, which signed an agreement on Wednesday<\/a>, said the document \u201creinforces” the Bao-HI joint venture, which was established in 2002 and controls the Eastern Ranges mine and Western Range project in the Pilbara region.<\/p>\n China Baowu Steel Group Corporation, established in 2016, is the world\u2019s second-largest steel company by capacity and is Rio Tinto\u2019s largest Chinese customer.<\/p>\n The mining giant\u2019s first ever shipment to China, in fact, was delivered in 1973 to the Shanghai No. 1 steel mill, now owned by China Baowu.<\/p>\n Rio Tinto, which owns 54% of the joint venture, said\u00a0it had launched a pre-feasibility study in to the Western Range project, which is expected to be completed by the end of 2019.<\/p>\n Iron ore accounts for almost 90% of Rio’s earnings.<\/p>\n The post Rio Tinto, China Baowu in talks to extend Pilbara iron ore JV<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" The miner and one of the world’s top steelmakers, have agreed to negotiate a possible extension to their iron-ore joint venture in Australia.<\/p>\n The post Rio Tinto, China Baowu in talks to extend Pilbara iron ore JV<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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ore accounts for almost 90% of Rio’s earnings.<\/q><\/p>\n