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(Bloomberg) -- Rio Tinto Group has formed a joint venture with its biggest customer, Chinese state-owned giant China Baowu Steel Group Co., to develop a new iron ore mine in Western Australiaâs Pilbara region.
Rio will take a 54% stake in the new Western Range mine, and Baowu will hold 46%. The mine will cost $2 billion of which Rio will provide $1.3 billion, and is expected to begin producing in 2025, Rio said in a statement Wednesday.
The deal extends a long relationship between one of ...
>>> Read more: Rio Signs Deal With Chinaâs Baowu for New Pilbara Iron Mine
Rio will take a 54% stake in the new Western Range mine, and Baowu will hold 46%. The mine will cost $2 billion of which Rio will provide $1.3 billion, and is expected to begin producing in 2025, Rio said in a statement Wednesday.
The deal extends a long relationship between one of ...
>>> Read more: Rio Signs Deal With Chinaâs Baowu for New Pilbara Iron Mine
