Rio Tinto Seals Iron Ore Sales Agreement With IOH
November 23 2009 - 8:56PM
Dow Jones News
Rio Tinto Ltd. (RTP) said Tuesday it struck a deal that will see
it buy product from the Phil's Creek project of Iron Ore Holdings
Ltd. (IOH.AU) in Western Australia and then transport it to the
coast for export.
The mining giant has been fighting a long-running legal battle
to prevent other miners being granted access to its iron ore
railways, and sees the "mine-gate" sales to IOH as an innovative
alternative.
"This is a significant development for Rio Tinto, IOH and the
Pilbara generally," Rio Tinto Iron Ore Chief Executive Sam Walsh
said in a statement.
"It is a prime example of how a major established producer and a
small, progressive junior can work together to achieve an excellent
outcome for all stakeholders."
The deal will see IOH deliver up to 1.5 million metric tons of
ore a year to Rio Tinto, which will then transport it to the coast
for export at its port.
Rio said it also entered into an exclusive agreement with IOH to
examine its Iron Valley deposit ahead of a possible purchase of
part or all of the lease covering the deposit.
-By Alex Wilson, Dow Jones Newswires; 61-3-9292-2094;
alex.wilson@dowjones.com
Iron Ore Holdings (ASX:IOH)
Historical Stock Chart
From May 2024 to Jun 2024
Iron Ore Holdings (ASX:IOH)
Historical Stock Chart
From Jun 2023 to Jun 2024
Real-Time news about Ironore Fpo (Australian Stock Exchange): 0 recent articles
More Iron Ore Holdings News Articles