Monday, 05 Dec 2011
miningaustralia.com.au reported that Rio Tinto has shipped its 100 millionth tonne of iron ore from the Pilbara to Baosteel under its Bao HI joint venture.
The 100 millionth tonne left Dampier on Friday, bound for Shanghai.
Under this milestone, the joint venture has reached the half way mark of the agreement for 200 million tonnes to be mined and sold to Chinese company Baosteel.
Mr Sam Walsh Rio Tinto's head of iron ore and Australia said that this is a great day for Rio Tinto, for Baosteel and for the relationship between our two nations.
He said “The Bao-HI joint venture is one of two such partnerships we have forged since [Rio Tinto first shipped iron ore to China in 1973], delivering hundreds of millions of tonnes into the world’s fastest growing and largest steel industry.”
The joint venture was first formed in 2002 between Rio's subsidiary Ranges Mining, which owns 54%, and Baosteel Australia Mining which owns 46%. The majority of the iron ore shipped under the joint venture was produced at the Eastern Ranges mines, near Paraburdoo, which was established specifically for the joint venture.
(Sourced from miningaustralia.com.au)
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