Australian miner Rio Tinto and China Baowu Steel have reached an important 200mn mt milestone in their iron ore partnership.
Under the Bao-HI Ranges joint venture, iron ore mined by Rio Tinto at the Eastern Range of the Pilbara mine in Western Australia is supplied to Baowu as raw material for steel production. Since the establishment of the partnership in 2002, 200mn mt has been shipped as of Oct 15. In a broader accomplishment, the Australian firm has now shipped 3bn mt of iron ore since it has been in operation.
China Baowu, an alliance between Baosteel Group and Wuhan Iron and Steel, is one of the largest steel producers in the world, with production topping 95mn mt in 2019.