BHP and Rio Tinto, Australia’s two largest miners, are to work together on mining some iron ore deposits in the country’s Pilbara region against a backdrop of pressure from China, the world’s largest buyer of the commodity, and new global supplies.
BHP and Rio, which is also holding talks with rival Glencore over a possible takeover, said on Thursday that they had agreed to collaborate to extract up to 200mn tonnes of iron ore on the boundaries of two existing mines.
The move comes as BHP has been locked in talks with China Mineral Resources Group, Beijing’s state-backed central buyer of iron ore, which has triggered speculation that Australian miners may seek closer alliances in the Pilbara to counter pressure on pricing.
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