BEIJING, Dec. 26 (Xinhua) -- Chinese steel trading provider, Minmetals Development Co., Ltd. (600058.SH), announced on Tuesday that its subsidiary, China National Minerals Co., Ltd.(MINCO) will purchase iron ores at nearly 1 billion yuan from a subsidiary of Rio Tinto Group.
According to an agreement of the two sides, 2.04 million metric tons of PB lumps will be purchased, and be delivered by 12 ships.
Minmetals Development Co., Ltd. believes the deal will improve its competitiveness in the iron ore market, and help it achieve better operating results next year.
Rio Tinto Group is a leading global mining group, and Minmetals Development Co., Ltd. is controlled by China Minmetals Corporation, which is one of the largest metal enterprises in the world. (Edited by Li Wenxin, liwenxin@xinhua.org)
A single purchase
