Rio Tinto PLC - London-based miner - Says its voting shareholders approve entry into a joint venture and an associated iron ore sales with China Baowu Steel Group Co Ltd, with nearly 100% of votes cast in favour. The venture, announced in September, will see an investment of $2 billion to develop the Western Range project in Pilbara, Western Australia.

Last month, Rio Tinto said it will own 54% of the venture, while Baowu will have 46%. The two will invest $2 billion to develop the mine, with Rio Tinto investing $1.3 billion. Construction is expected to begin in early 2023 with first production anticipated in 2025. The deal will help Rio Tinto sustain production of the Pilbara blend, Rio Tinto’s flagship project.

The joint venture is still dependent on approval from the Australian government, regulatory agencies in China and the Western Australia state government. Rio Tinto on Tuesday says it expects the transaction to finalise in late 2022, expecting approvals to occur by then.

Current stock price: 4,643.50 pence, down 2.2% on Tuesday in London

12-month change: down 2.6%

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