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Mining giant Rio Tinto Group and China Baowu Steel Group Co Ltd will set up a joint venture to develop the Western Range iron ore mine project in the Pilbara, Western Australia, with a total investment of $2 billion, said Rio Tinto on Wednesday.
The S&P/ASX 200 plunged 2.6 per cent after hotter-than-expected US CPI stoked fears the US Federal Reserve would tip the economy into recession.
Rio Tinto (54 per cent) and China Baowu Steel Group Co. Ltd (Baowu) (46 per cent) have agreed to enter into a joint venture with respect to the Wester
© Reuters. FILE PHOTO: A sign adorns the building where mining company Rio Tinto has their office in Perth, Western Australia, November 19, 2015. REUT
The deal comes amid fraught ties between Australia and China