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Rio Tinto Joins New Iron Ore Trading Network
04/02/2012 - Rio Tinto has become a member of the new China Beijing Metals Exchange (CBMX), an electronic trading platform that will provide participating members with an additional iron ore trading channel in the China market.
Rio Tinto has become a member of the new China Beijing Metals Exchange (CBMX), an electronic trading platform that will provide participating members with an additional iron ore trading channel in the China market.
A signing ceremony was recently held in Singapore between senior officials of CBMX and Rio Tinto Iron Ore Asia, which markets iron ore on behalf of Rio Tinto to its Asian customers.
Rio Tinto Iron Ore Asia president Alan Smith said, "We welcome the development of CBMX as it gives us a new option for selling any available tonnes to China, over and above those already contracted. We look forward to the Exchange developing into a transparent, independent, efficient, and sustainable iron ore trading platform supported by broad market participation."
Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London and New York Stock Exchange listed company, and Rio Tinto Ltd., which is listed on the Australian Securities Exchange. Rio Tinto's business is finding, mining, and processing mineral resources. Major products are aluminum, copper, diamonds, thermal and metallurgical coal, uranium, gold, industrial minerals (borax, titanium dioxide and salt) and iron ore. Activities span the world and are strongly represented in Australia and North America with significant businesses in Asia, Europe, Africa, and South America.
