Rio Tinto and Sinosteel extend Pilbara JV
PERTH (miningweekly.com) – Mining giant Rio Tinto has inked a heads of agreement (HoA) with Sinosteel Corporation to extend the Channar Mining iron-ore joint venture (JV), in the Pilbara.
The original Channar JV was signed in 1987 and provided for the production of 200-million tonnes of iron-ore. It was extended in 2010 to produce a further 50-million tonnes of iron-ore.
Rio CEO Sam Walsh said the Channar JV was a ground-breaking partnership formed in the early stages of the development of the Chinese steel industry. The original Channar JV was one of the largest Chinese investments in the world and it was the first overseas mineral resource project entered into by a Chinese enterprise.
“It’s now one of China’s longest running and most successful partnerships with Australia and a model for economic cooperation between our two countries. The signing demonstrates the commitment by Rio Tinto and Sinosteel to continue exploring opportunities that build on a mutually beneficial partnership that has developed over many years,” Walsh said.
The Channar JV, in which Rio has a 60% share, owns the Channar mine. The operation is managed by Rio and Sinosteel has 100% offtake rights to Channar JV production.
The timetable for reaching a mutually acceptable agreement for a second extension is before the end of the current extension term, which is currently expected to be during 2016.
Sinosteel president Xu Siwei said that the signing of the agreement was another milestone in 27 years of successful cooperation between Sinosteel and Rio.
“As a large international enterprise providing comprehensive services for the Chinese iron and steel industry, Sinosteel is committed to developing broader and deeper cooperation with Rio Tinto.”
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