The MOU is to study the development of a high-quality iron ore logistics and processing facility, according to an NIDC statement circulated on Oct. 30.

“As a nation are very clear and very respectful of our treaties and our agreements,” Hernando said.

The company signed a cooperation agreement with Xinjiang Bayi Iron and Steel at the fourth CIIE in 2021 to provide the latter with approximately 4 million metric tons of iron ore worth $460 million this year.

Since its first iron ore shipment to China in 1973, Rio Tinto has supplied China with more than 3.5 billion tons of high-quality iron ore.

The province also saw a growth in the import of agricultural products, iron ore, mechanical and electronic products, and sawn timber.

Overseas players grasp opportunities from dual goals, enhance local ties, R&D.

The Argus 62pc lump premium stood at 20￠/dry metric tonne unit (dmtu) on 30 September, the highest since June.

UK-Australian mining firm Rio Tinto expects to come in at the bottom of its 320mn-335mn t guidance for 2022.