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Mining giant Rio Tinto nets China ore pact
Rio Tinto Group, a British-Australian behemoth in the global mining industry, has signed its first yuan-denominated purchase contract as China looks to internationalize its currency and move more Chinese steel overseas, Yicai Global reported London- and Melbourne-based Rio agreed to buy 170,000 tons of SP10 iron ore from Shanxi Gaoyi Steel, Shanghai Securities News reported today. It will collect the ore from Rizhao Port in Shandong province, the report said. The move is likely a trial for the buyer as it is only purchasing SP10 products rather than its main PB powder and blocks, said Wang Yangwen, a global analyst ... (full story)