Rio Tinto, Baowu Agree Joint Venture to Develop $2 Billion Australian Iron-Ore Project

By Rhiannon Hoyle

Rio Tinto PLC on Wednesday said it intends to form a joint venture with China Baowu Steel Group Corp. Ltd. to develop the $2-billion Western Range iron-ore project in Australia's Pilbara region.

Rio Tinto said it will own 54%, and Baowu 46%, of the joint venture that will develop the 25-million-metric-ton a year project. Rio Tinto's share of the cost would be $1.3 billion, which is already included in its capital expenditure guidance for the next two years, the company said.

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(END) Dow Jones Newswires

09-13-22 1943ET