Rio Tinto, Sinosteel extend Aussie venture

Mining giant Rio Tinto Plc and China's Sinosteel Corp have extended their Australian joint venture to supply another 70 million metric tons of iron ore over the next five years, expanding one of the longest-running partnerships in the two countries' trade relationship.

The extension, the second in the 29 years of the Channar joint venture that has provided for the production of 250 million tons of iron ore, will add a further 30 million tons. The remaining 40 million tons will come from a separate sales agreement in force until 2021.

The venture has been heralded as the cornerstone of the China-Australia economic relationship.