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Rio Tinto and Baowu Steel's iron ore project approved

An iron ore project developed by Rio Tinto and China Baowu Steel Group has been approved by the Australian government.

Rio Tinto and Baowu Steel's iron ore project approved
The Australian government has approved a joint iron ore project developed by Rio Tinto and Baowu Steel Group. The government's approval of the project is seen as a positive signal for the two countries to fix their previously relationship.
The iron ore project will be Baowu Steel's largest investment in Australia. The $2 billion project is scheduled to become operational in 2025.
According to sources, Western Range will invest AU$1.3 billion in the iron ore project, giving it a 54 percent stake. China Baowu Steel Group will invest AU$700 million to keep the rest of its equity capital in the project.

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