New iron ore contracts from Rio Tinto

New iron ore contracts from Rio Tinto

According to recent statement released by Anglo-Australian Rio Tinto, the company has signed long term contracts to supply 40 million tons of iron ore annually to Chinese mills. Under the scope of the agreement, Hamersley Iron, owned by Rio Tinto, will supply 30 million tons of iron ore per annum and Robe River Joint Venture will supply 10 million tons. As previously reported by SteelOrbis, Rio Tinto back in April signed an agreement with Chinese Shanghai Baosteel for supply of 7 million tons of iron ore a year over ten years. It is stated that the new agreement is signed in addition to this agreement. However the names of Chinese companies signing the deal are not revealed.