Vale, Rio Tinto join newly formed Chinese iron ore trading platform CBMX
30 Mar 2012
Brazil's Vale and London-based Rio Tinto, the world's largest and second-largest iron ore mining companies have agreed to become members of a Chinese iron ore trading platform China Beijing International Mining Exchange (CBMX).
Both miners became members of CBMX after Australia's third-largest iron ore producer Fortescue Metals Group joined the Beijing-backed exchange last week.
"We welcome the development of CBMX as it gives us a new option for selling any available tons to China, over and above those already contracted," Alan Smith, president of Rio Tinto Iron Ore Asia, said in a statement.
"We look forward to the exchange developing into a transparent, independent, efficient and sustainable iron ore trading platform supported by broad market participation," he added.
Rio Tinto's larger rival BHP Billiton is yet to sign in, as is London-based diversified miner Anglo American.
A London-based spokesman for BHP Billiton last week said that the company was "studying participation and are in principle supportive of any platforms that support market transparency and liquidity."
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