On afternoon of December 18th, China Baowu and Rio Tinto Group signed cooperation framework agreement on Bao-Hi Ranges project in Baosteel Resources Shanghai headquarter. Both sides unanimously agreed to extend the term of Bao-Hi Ranges joint venture project and further deepen strategic cooperation relationship. General manager of China Baowu and deputy secretary of CPC China Baowu Committee Hu Wangming, and CEO of Rio Tinto Group Iron Ore Chris Salisbury attended the signing ceremony and made a speech.
This year marked the sixteenth anniversary of the start-up of Bao-Hi Ranges joint venture project. In 2002, former Baosteel Group signed contracts with Rio Tinto Group affiliated Hamersley Iron and its associated enterprises to jointly invest in Bao-Hi Ranges iron joint venture project. Bao-Hi Ranges Joint Venture, established by the two parties, had sold over 180 million tons of iron ore to China Baowu during sixteen years of operation, had made positive contributions to ensuring stable supply of raw materials for China Baowu and to the development of mining industry in western Australia. China Baowu and Rio Tinto Group also realized mutual benefits and win-win.
Cooperation framework agreement signed this time mainly clarified road-map of term extension of Bao-Hi Ranges Joint Venture, and main principles of cooperation of western ranges mine and production scheme of eastern ranges mine, etc., and created favorable conditions for positively pushing forward development and cooperation of western ranges mine project. Next, China Baowu and Rio Tinto Group would further deepen cooperation to jointly build mutual beneficial and win-win partnership. As investment platform of China Baowu resource industry, Baosteel Resources would continue displaying synergy effects on the basis of operating and managing well existing investment projects to actively integrate fine-quality resources and play greater role in safeguarding raw and fuel material supply for steel production.
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