Rio Tinto has announced that it has joined as a member of the China Beijing Metals Exchange (CBMX), which is an electronic trading platform.
The participating members will obtain a further iron ore trading channel from the CBMX in China market.
The senior officials from Rio Tinto Iron Ore Asia and CBMX participated in a signing ceremony that was conducted in Singapore. Rio Tinto Iron Ore Asia is marketing iron ore to the customers in Asia, on behalf of Rio Tinto.
According to Alan Smith, President of Rio Tinto Iron Ore Asia, the company is delighted about CBMX’s growth, as it offers a new option to the company to market any available tonnes to the Chinese market over and above the amount of the contract. The company is expecting to develop the Exchange into an independent, transparent, sustainable and efficient iron ore trading platform, with broad market participation supporting this platform.
Rio Tinto is a global mining group. The headquarters of the company is in the United Kingdom. Rio Tinto is a combination of Rio Tinto Limited and Rio Tinto plc.
The business of Rio Tinto involves identification, exploration of mineral resources and then processing it. Gold, copper, diamonds, aluminium, iron ore, metallurgical and thermal coal, uranium and industrial minerals such as titanium dioxide and salt and borax are the main products. The company’s activities are strong in North America and Australia and important businesses are going on in Africa, Asia, Europe and South America.
Source: http://www.riotinto.com/