China Baowu and Rio Tinto approved to build new iron ore project in West Australia
2023-02-21 16:31:22 [Print]
The iron ore joint venture project between China Baowu and Rio Tinto in West Australia was recently approved by Foreign Investment Review Board (FIRB) of Australia.
The Western Range project aims to produce 275 million tons of iron ore within the term of the joint venture, with a designed annual capacity of 25 million tons, an average grade of about 62%, and a total investment of about 2 billion US dollar. The project will start construction in early 2023 and be completed and put into operation in 2025. China Baowu and Rio Tinto also came to an iron ore purchase agreement, under which Baowu will purchase 126 million tons of iron ore products from Rio Tinto according to the equity ratio, with an annual purchase volume of about 11.5 million tons.
The Western Range project aims to produce 275 million tons of iron ore within the term of the joint venture, with a designed annual capacity of 25 million tons, an average grade of about 62%, and a total investment of about 2 billion US dollar. The project will start construction in early 2023 and be completed and put into operation in 2025. China Baowu and Rio Tinto also came to an iron ore purchase agreement, under which Baowu will purchase 126 million tons of iron ore products from Rio Tinto according to the equity ratio, with an annual purchase volume of about 11.5 million tons.
