China news agency, Beijing, December 3 (Reporter Wang Wei) China Steel Group Corporation signed a strategic cooperation framework agreement with Rio Tinto Group on the 3rd and an extension agreement for the joint venture of the company. Under the agreement, the two parties will continue the Chana iron ore project in the Pilbara region of Western Australia, during which 50 million tons of iron ore resources will be mined from the Chana iron ore mine.
According to the agreement, the Sino-Steel and Rio Tinto joint venture will be extended for approximately five years. The iron ore products produced by the joint venture company will be sold by the Sinosteel Group in the Chinese market. The two sides also signed a strategic cooperation framework agreement to further strengthen the cooperation between the two sides in the field of iron ore in the surrounding areas of the Qana mining area, such as joint exploration, research and evaluation.
It is understood that Sinosteel and Rio Tinto signed the Shana project agreement in 1987. Chaona Iron Mine is one of the earliest and largest investment projects of Chinese enterprises in Australia and has become China's most influential iron ore overseas. The raw material base, the original output of the project is 200 million tons. Up to now, the Chana iron ore has supplied 183 million tons of high-grade iron ore to China.
According to the original agreement, the joint venture period will reach a total of 200 million tons of iron ore output in the second quarter of 2012. After the joint venture expires, both parties can negotiate on the extension of the project. Accordingly, Sinosteel and Rio Tinto started the extension negotiations at the end of 2004. After hard work, the two parties finally reached an agreement on the extension of the joint venture company. The two parties said that this move marks China's largest steel producer and service provider and the world's leading The establishment of a strategic partnership between resource extraction and mineral suppliers.
It is known that China is currently Rio Tinto's largest single market. Rio Tinto's annual export of iron ore in China amounts to 140 million tons, accounting for 60% of Rio Tinto's global share, accounting for two-thirds of its total in Western Australia. Rio Tinto's CEO Sam Welch said that if China's demand for iron ore is further increased in the future, Rio Tinto will provide more high-quality iron ore to the Chinese market.
According to the agreement, the Sino-Steel and Rio Tinto joint venture will be extended for approximately five years. The iron ore products produced by the joint venture company will be sold by the Sinosteel Group in the Chinese market. The two sides also signed a strategic cooperation framework agreement to further strengthen the cooperation between the two sides in the field of iron ore in the surrounding areas of the Qana mining area, such as joint exploration, research and evaluation.
It is understood that Sinosteel and Rio Tinto signed the Shana project agreement in 1987. Chaona Iron Mine is one of the earliest and largest investment projects of Chinese enterprises in Australia and has become China's most influential iron ore overseas. The raw material base, the original output of the project is 200 million tons. Up to now, the Chana iron ore has supplied 183 million tons of high-grade iron ore to China.
According to the original agreement, the joint venture period will reach a total of 200 million tons of iron ore output in the second quarter of 2012. After the joint venture expires, both parties can negotiate on the extension of the project. Accordingly, Sinosteel and Rio Tinto started the extension negotiations at the end of 2004. After hard work, the two parties finally reached an agreement on the extension of the joint venture company. The two parties said that this move marks China's largest steel producer and service provider and the world's leading The establishment of a strategic partnership between resource extraction and mineral suppliers.
It is known that China is currently Rio Tinto's largest single market. Rio Tinto's annual export of iron ore in China amounts to 140 million tons, accounting for 60% of Rio Tinto's global share, accounting for two-thirds of its total in Western Australia. Rio Tinto's CEO Sam Welch said that if China's demand for iron ore is further increased in the future, Rio Tinto will provide more high-quality iron ore to the Chinese market.
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