Beijing Iron Ore Trading Centre Corporation

RNS Number : 4511G

Rio Tinto PLC

03 March 2015

 



 

Beijing Iron Ore Trading Centre Corporation

 

3 March 2015

As noted in the 2013 Annual Report, on 18 February 2014, Rio Tinto entered into an agreement (the "Agreement") with China Beijing Equity Exchange Co., Ltd ("CBEX"), China Iron and Steel Association ("CISA") and other founder investors to take an equity position in the Beijing Iron Ore Trading Centre Corporation ("JVCO"), which proposes to purchase an iron ore trading platform and other associated assets of China Beijing International Mining Exchange.  Pursuant to the Agreement, Rio Tinto will subscribe for 6.25 per cent of JVCO's issued share capital for a total consideration of the equivalent of approximately US$0.8 million.  Under the UK Listing Authority listing rules, each of CBEX, CISA and some of the other founder investors, including Chinese state-owned steel mills and iron ore traders, are considered to be related parties of Rio Tinto plc and accordingly this transaction falls within the UK Financial Conduct Authority's Listing Rule 11.1.10.R.

As part of the establishment and licensing process in China during the course of 2014, Chinese regulatory review led to some aspects of the transaction documentation being re-negotiated. On 3 March 2015 Rio Tinto signed agreed amendments to the Agreement documentation, which remain subject to regulatory approvals.  The commercial terms of the investment remain unchanged and the amended terms of the Agreement do not confer a benefit to any Rio Tinto related party over and above those afforded to any other investor.

Vaughn Walton Assistant Company Secretary	Tim Paine Joint Company Secretary
Rio Tinto plc 2 Eastbourne Terrace London W2 6LG United Kingdom T [phone] Registered in England No. 719885	Rio Tinto Limited 120 Collins Street Melbourne 3000 Australia T [phone] Registered in Australia ABN 96 004 458 404

 

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