Rio Tinto, China Baowu to develop iron ore project in Australia for $2b

Rio Tinto, China Baowu to develop iron ore project in Australia for $2b

Photo by Rio Tinto

Rio Tinto Ltd said on Wednesday it would team up with its biggest customer China Baowu Steel Group to develop an iron ore project in Western Australia for $2 billion as it looks to prop up its production from the Pilbara region.