.RioTinto's joint venture with China's BaowuG is expected to kick off in March mining ironore investment resources Australia
PERTH – Mining major Rio Tinto’s joint venture with China’s Baowu Steel Group is expected to become effective in March this year, with Rio reporting that all primary environmental and Australian government approvals were now in place.
The two companies last year reached a JV agreement over the $2-billion Western Range iron-ore project, in the Pilbara, which would see the companies jointly develop the operation. Rio’s share of capital is expected to reach $1.3-billion.Western Range’s yearly production capacity of 25-million tonnes of iron-ore will help sustain production of the Pilbara Blend from Rio’s existing Paraburdoo mining hub.
The construction phase will support approximately 1 600 jobs with the mine requiring about 800 ongoing operational roles which are expected to be filled by existing workers transitioning from other sites in the Paraburdoo mining hub, Rio told shareholders. Rio said in its annual results on Wednesday that Chinese regulatory approvals for the JV were progressing and that the JV is anticipated to start in March, once all of the operational elements of the JV are in place.Rio and Baowu have also agreed to enter into an iron-ore sales agreement at market prices covering a total of up to 126.5-million tonnes of iron-ore over approximately 13 years.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Paraguay to Become Top Bitcoin Mining Hub in Latam According to Insight Group – Mining Bitcoin NewsAccording to Hashrate Index, Paraguay presents a series of benefits that can help it become one of the biggest cryptocurrency mining hubs in the region.
Read more »
Deep-sea mining operations would impact ecosystems beyond those in targeted areasResearchers have shown that the destruction of key hydrothermal vents by deep-sea mining could have knock-on impacts on vent fields hundreds of kilometres away.
Read more »
World-Leading Cloud-Mining Service Provider BitFuFu Launches ANTMINER Coupons Trading Function – Press release Bitcoin NewsPRESS RELEASE. On 21st February, BitFuFu will announce the launch of the ANTMINER coupons trading function at the WDMS conference. ANTMINER coupons are
Read more »
New reactors could revive U.S. uranium mining — and concerns about its ‘toxic legacy’The decline of the uranium industry was a welcome reprieve for communities that have most acutely felt the long-lasting health and environmental effects of the nuclear fuel cycle.
Read more »
Deep-sea mining would impact ecosystems beyond those in targeted areas – reportResearchers found that the destruction of key hydrothermal vents by deep-sea mining could have knock-on impacts on vent fields hundreds of kilometres away.
Read more »