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Rio Tinto’s Western Range will produce 25 million tonnes a year of the steel-making ingredient if the miner’s UK and Australian shareholders approve the deal.
Rio Tinto Ltd said on Wednesday it would team up with its biggest customer China Baowu Steel Group to develop an iron ore project in Western Australia for $2 billion as it looks to prop up its production from the Pilbara region.
Rio will take a 54% stake in the new Western Range mine, and Baowu will hold 46%.
Rio Tinto enters JV with Baowu to develop Western Range
