Both countries have poor records for enforcing environmental regulations, leading to tensions between communities and the mining sector, which the leaders of both countries have pledged to address.
Mine services companies will increasingly target better-performing commodities and focus on technology research and development to help miners streamline operations and cut costs as the weak mineral price environment continues to weigh on profit margins.
Deal comes at a time of improved steel demand from China and mimics an effort by the UK government to rescue Tata Steel's Port Talbot operations to save jobs.