Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
Global miner Rio Tinto is optimistic about China’s economic growth potential and will stick to its long-term strategy there, its chairman, Dominic Barton, said after a rare meeting on Tuesday with a top Chinese official, state media said.
The comments came as China’s economy has struggled to mount a strong post-pandemic recovery amid a deepening housing crisis, local government debt concerns, slowing global growth and geopolitical tension.
Rio Tinto is the world’s largest producer of iron ore and China is its largest customer, though the company produces other metals key to energy transition plans, such as copper, aluminum and lithium.
At a meeting with Barton in the Chinese capital, Vice President Han Zheng said Beijing aimed to further deepen reform, expand the opening-up of its economy, promote development and work with other countries to tackle common challenges.
“We welcome Rio Tinto Group to continue to deepen practical co-operation with China,” he said in remarks quoted by the official Xinhua news agency.
Barton was formerly Canada’s ambassador to China.
This month the miner said it had advanced to 2025 the date for the start of production from its giant Simandou iron ore project in Guinea, with plans to spend about $6.2 billion on areas such as port and rail infrastructure.
Simandou, set to be the world’s largest and highest grade new iron ore mine, is part of Rio’s Simfer joint venture with China’s Chalco Iron Ore Holdings (CIOH) and the government of Guinea. Rio Tinto holds a 53% stake, while CIOH holds the rest.
(By Amy Lv and Dominique Patton; Editing by Clarence Fernandez)
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