.RioTinto and BaowuChina will jointly develop the $2billion Western Range ironore mine in the Pilbara mining investment resources steel exports WesternAustralia jobs construction
PERTH – Diversified miner Rio Tinto and China Baowu Steel Group Co. will joint venture on the $2-billion development of the Western Range iron-ore project in the Pilbara.
The construction phase will support approximately 1 600 jobs with the mine requiring about 800 ongoing operational roles which are expected to be filled by existing workers transitioning from other sites in the Paraburdoo mining hub, Rio told shareholders.“This is a very significant milestone for both Rio Tinto and Baowu, our largest customer globally.
Rio’s $1.3-billion share of the capital costs are already included in the group’s capital expenditure guidance of around $9-billion to $10-billion for each of 2023 and 2024. Both parties will pay their portion of capital costs for the development of the mine, and mine operating costs, plus a nominal ongoing resource contribution fee calculated by reference to Western Range production volumes. There is no upfront consideration being paid by either party.
“The signing of the JV agreement for the Western Range project is a significant event in the history of cooperation between Baowu and Rio Tinto. We fully appreciate the persistent efforts of both teams in accomplishing the important achievement.
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