Sinosteel extends mining JV with Rio Tinto
6 September 2007
China's Sinosteel Corporation has signed a framework agreement to prolong the operation of a mining joint venture in Western Australia with Rio Tinto, Australia's leading iron ore provider, Xinhua reported (in Chinese). Channar iron ore mine, which is located in Paraburdoo, has an annual iron ore output of 10 million metric tones. In the past 20 years, the joint venture has supplied a large amount of iron ore to China's major steel manufacturers such as Baosteel, Wuhan Iron and Steel Corporation (WISC) through Sinosteel's trading company. Sinosteel has also amended a 1987 sales contract with Rio Tinto.