Rio Tinto
(ASX:RIO) has announced it will extend its Channar Mining Joint Venture in Australia’s Pilbarra region with Sinosteel Corporation.
The partnership will see Rio Tinto supply up to 70 million tonnes of iron ore to Sinosteel over the next five years.
The agreement was signed during a ceremony in Beijing, witnessed by Prime Minister Malcolm Turnbull.
The joint venture extension remains subject to approval from state, federal and Chinese government.
Rio Tinto reported a net loss of $2.35 billion for the six months to the end of December 2015.
