Mining giant Rio Tinto will hold talks with China’s Sinosteel Corporation to extend a joint venture iron ore project in Western Australia.
The parties will discuss a second extension to the agreement originally signed in 1987, which currently produces more than 250 million tonnes of iron ore from the Channar Mine in the Pilbara region.
The first extension occurred in 2010.
Rio Tinto chief executive Sam Walsh and Sinosteel Corporation president Xu Siwei have agreed to a timetable for the next extension to be finalised during 2016.
Rio Tinto holds a 60 per cent stake in the Channar joint venture, while Sinosteel has a 40 per cent stake.