Friday, March 30, 2012

Rio Tinto joins new iron ore trading network

Rio Tinto has become a member of the new China Beijing Metals Exchange (CBMX). The CBMX is an electronic trading platform that will provide participating members with an additional iron ore trading channel in the China market.

A signing ceremony was held in Singapore earlier today 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.”

About Rio Tinto

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 Limited, which is listed on the Australian Securities Exchange. 

Rio Tinto's business is finding, mining, and processing mineral resources. Major products are aluminium, 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. 

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