.gif?width=220&height=200&mediaprotectionhash=b13da841472e6e7ed500ee35df2a350aaf53d75246118b33ea2095cc7e9a3fc4&ext=.gif)
Rio Tinto Announces Iron Ore Price Settlements in Asia
07/02/2008 - Rio Tinto reaches agreement with all of its customers in Asia for iron ore deliveries from Hamersley Iron, Robe River, and Hope Downs for the contract year commencing April 1, 2008.
Rio Tinto announced that it has reached agreement with all of its customers in Asia for iron ore deliveries from Hamersley Iron, Robe River, and Hope Downs for the contract year commencing April 1, 2008.
The new settlements are in line with Hamersley Iron's settlement with Baosteel, in which lump prices increased by 96.5% and fines prices increased by 79.88%.
“These agreements are a strong endorsement of the settlement reached last week and reflect the very strong demand for our products across the world's fastest growing markets,” said Sam Walsh, Chief Executive of Rio Tinto's Iron Ore group.
“The agreements throughout Asia will provide an important platform as we embark on the largest expansion in Rio Tinto Iron Ore's history, increasing production from the Pilbara to 320 million tonnes of iron ore per annum in 2012 and 420 million tonnes per annum beyond that.”
Headquartered in the U.K., Rio Tinto is a leading international mining group that combines Rio Tinto plc and Rio Tinto Limited. Rio Tinto's business is finding, mining, and processing mineral resources. Major products include aluminum, copper, diamonds, energy (coal and uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc) and iron ore. Activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe, and southern Africa.
