Australian mining company Rio Tinto has announced that it has reached further agreements with all its Asian customers, locking in price rises for iron ore deliveries from its Pilbara-based Hamersley Iron, Robe River and Hope Downs mines for the contract year commencing April 1, 2008.
The new settlements are in line with Hamersley Iron's settlement with Baosteel last week, which saw lump prices increase by 96.5 percent and fines prices rise by 79.88 percent.
Commenting on the latest agreements, Rio Tinto Iron Ore Group CEO Sam Walsh said, "These agreements are a strong endorsement of the settlement reached last week and reflect the very strong demand for our products across the world's fastest growing markets."
Mr. Walsh went on to state, "The agreements throughout Asia will provide an important platform as we embark on the largest expansion in Rio Tinto Iron Ore's history, increasing production from the Pilbara to 320 million mt of iron ore per annum in 2012 and 420 million mt per annum beyond that."