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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