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4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Rio Tinto Limited    RIO   AU000000RIO1

RIO TINTO LIMITED (RIO)
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Rio Tinto : and China Baowu celebrate 15-year anniversary of joint venture

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12/08/2017 | 03:19am CEST

Rio Tinto and China Baowu Group celebrated the 15-year anniversary of the Bao-HI Joint Venture in Perth last night.

The event was attended by Rio Tinto Iron Ore chief executive Chris Salisbury and Baoshan Iron & Steel Co. Ltd. chairman Dai Zhihao.

Rio Tinto owns 54 per cent of the Bao-HI Joint Venture with sales totalling more than 150 million tonnes since it was created in 2002.

Rio Tinto has been supplying China BaoWu, the country's largest steelmaker, for more than four decades. The company's first ever shipment to China in 1973 was delivered to the Shanghai No. 1 steel mill, now part of China Baowu Group. Rio Tinto also provided ore for the first blast furnace at Baoshan, in Shanghai, in 1985. Today, Rio Tinto supplies a number of steel mills within the broader BaoWu Group.

Congratulating Baowu on the milestone last night Rio Tinto Iron Ore chief executive Chris Salisbury said 'Baowu is China's pre-eminent steelmaker in terms of tonnes produced and technology deployed and our lengthy collaboration has delivered not just iron ore and steel but real progress for the people of China.

'We are proud to have played a small role in that progress and look forward to continuing this successful partnership for years to come.'

Notes to editors

China Baowu Steel Group Corporation, was established in 2016 following the consolidation of Baosteel Group Corporation and Wuhan Iron & Steel (Group) Corporation. It is now the world's second largest steel company by capacity.

Rio Tinto shipped its five billionth tonne of iron ore last year after 50 years of operations in the Pilbara.

Rio Tinto Ltd. published this content on 08 December 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 08 December 2017 02:17:08 UTC.

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Financials ($)
Sales 2018 39 642 M
EBIT 2018 13 598 M
Net income 2018 9 376 M
Debt 2018 3 254 M
Yield 2018 5,38%
P/E ratio 2018 10,69
P/E ratio 2019 12,83
EV / Sales 2018 2,47x
EV / Sales 2019 2,54x
Capitalization 94 488 M
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Average target price 68,2 $
Spread / Average Target 16%
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Jean-Sébastien Jacques Chief Executive Officer & Executive Director
Simon Robert Thompson Chairman
Christopher J. Lynch Chief Financial Officer & Non-Executive Director
Ann Frances Godbehere Independent Non-Executive Director
Michael Gerard L'Estrange Independent Non-Executive Director
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