Topic
Rio Tinto Group is a British-Australian mining group with its headquarters in London, and a management office in Melbourne. Founded in 1873, the group has grown to become one of the world’s leading producers of a range of commodities, including aluminium, iron ore, copper, uranium, coal, and diamonds. The company has operations on six continents but is mainly concentrated in Australia and Canada, and owns gross assets valued at US$81 billion.
- The MoU between Rio Tinto and China Baowu will explore several initiatives including setting up green steel facilities in China and Western Australia
- Steelmakers are at the start of a decades-long shift away from coal-fuelled blast furnaces that dominate the industry
Sandwiched between superpowers, Mongolia is in a precarious geopolitical position, and Prime Minister Luvsannamsrain Oyun-Erdene says Russia and China ‘totally understand and highly appreciate’ this.
Specialist search equipment picked up radiation emitting from the widget, which went missing last month, apparently while being moved from a Rio Tinto iron ore mine.
The capsule emits the equivalent of 10 X-rays an hour and can cause skin damage, burns and radiation sickness. Long-term exposure could also cause cancer – but experts say the lost item cannot be weaponised.
With Australia’s reduced trade with China, exports to the US have increased, but the US$1billion a month of trade isn’t enough to offset the loss.
The three-way deal has a 35-year duration for co-development by Anglo-Australian mining giant Rio Tinto and the Singapore-led Winning Consortium.
Work is on hold at the China-backed Simandou mine, home to one of the biggest undeveloped reserves in the world.
In the 2021-25 raw material development plan, China says iron self-sufficiency will be ‘significantly’ increased and its rare earth quota mechanism streamlined to adjust production.
Iron ore prices have plummeted since May, reflecting recent efforts by Beijing to rein in demand for steel and turn back high raw material prices that have hit Chinese producers.
Amid heightened trade tensions with Australia, Beijing may look to cut steel demand to stabilise prices and reduce potential economic risks, experts say.
Steel prices in China finished the quarter at decade highs as construction activity and demand in the first quarter exceeded both 2020 and 2019.
Australia’s iron ore exports are expected to earn more than A$100 billion (US$76 billion) per year for the next half decade as miners like BHP Group, Rio Tinto and Fortescue dig out more iron ore from Western Australia’s Pilbara region.
Newly signed memorandum of understanding between Chinese steel mill and Australian miner will see US$15 million spent over three years on research to reduce harmful carbon emissions.
China Baowu Steel Group became the world’s largest steelmaker last week, highlighting Beijing’s goal of creating a ‘national team’ of globally competitive state-owned enterprises.
With Chinese demand for iron ore increasing amid the nation’s economic recovery, market punters had been looking to capitalise as prices were driven up in recent months by a number of underlying factors.
Chinese government-backed consultancy projects a slowdown in China’s steel production next year, but market analysts say aggressive speculation through iron ore derivative trading could keep prices inflated.
Anglo-Australian miner’s US$10 million research investment is an extension of last year’s agreement between Rio Tinto, China Baowu and Tsinghua University to reduce carbon emissions in the steel supply chain.
China Iron & Steel Association is looking into whether miners have deliberately restricted supplies to send prices soaring, but commodities analysts say other factors have contributed to high prices.
China Iron & Steel Association says ‘market pricing mechanism has failed’ after commodity price hits record US$158 per tonne on Thursday.
The China Iron & Steel Association (CISA) says it had a ‘candid exchange of views’ with BHP on soaring iron ore prices, as domestic crude steel production is on track for a record year.
Australian-listed miner Fortescue Metals Group signed 12 memorandums of understanding (MOUs) at the China International Import Expo (CIIE).
Sinosteel’s purchase of half the future output of new Fenix Resources mine comes amid controversy over China halting imports of Australian coal, and officials down under have sought clarification from Beijing.
Agreement with Ningbo Zhoushan will allow Brazilian iron ore giant to optimise supply chain costs on long sea trips from Brazil, while increasing Vale’s market share in China.
Once only seen on royalty, the opening of Argyle mine launched a craze for pink diamonds – now viewings of ‘hero’ stones from last collection herald closing of bids on December 2
More yuan-prices transactions will increase the internationalisation of the Chinese currency and also help the economy in line with the new ‘dual circulation’ strategy.
In China, demand for iron ore is so great that the country is looking to diversity its iron ore sources to keep prices low, and Brazilian mining giant Vale is trying to capitalise with its massive transport ships.
Australian miners Rio Tinto and Fortescue Metals Group have seen a surge in iron ore shipments to China, as infrastructure and property construction drive demand for steel.
Australia shipped a record amount of iron ore to China in June, but Chinamax ships used by Brazilian mining giant Vale and miners in African, can carry half again as much cargo as normal ore ships.
