Photo taken on Jan. 13, 2021 shows the headquarters building of China Baowu Steel Group Corporation Limited in Shanghai, east China. (Xinhua/Fang Zhe)
BEIJING, Sept. 15 (Xinhua) -- China Baowu Steel Group Corporation (China Baowu) announced on Wednesday that it had signed an agreement with minerals giant Rio Tinto to establish a joint venture for the Western Range iron ore project in the Pilbara region of Western Australia, reported China Securities Journal.
According to the agreement, China Baowu and Rio Tinto will take up respectively 46 percent and 54 percent of the equity of the joint venture.
The Western Range iron ore project aims to produce 275 million tonnes (metric tons) of iron ore over the cooperation period, with a designed production capacity of 25 million tonnes per year and a total investment of about 2 billion U.S. dollars. The project will start construction in early 2023 and be completed and put into operation in 2025.
Baowu and Rio Tinto also inked an iron ore purchase agreement under which Baowu will purchase a total of 126 million tonnes of iron ore products from Rio Tinto in proportion to its equity, about 11.5 million tonnes a year.
(Edited by Gu Shanshan with Xinhua Silk Road, gushanshan.1987@163.com)
A single purchase
