The Confidence Behind the First "Five Year Agreement": China | Cooperation | First

Release time:Apr 14, 2024 18:14 PM

"We are honored to be the first exhibitor to sign a 5-year cooperation agreement with the China International Import Expo Bureau," said Bai Ruiming, Chief Business Officer and Chairman of Rio Tinto Group in a recent interview with China News Agency reporters. The achievement of this agreement demonstrates Rio Tinto's long-term commitment to continuously deepening strategic cooperation with China.

The confidence themed poster behind the first "Five Year Agreement"

On May 22 this year, Rio Tinto Group signed a long-term cooperation memorandum with the China International Import Expo Bureau for the period of 2024-2028, making it the first Fortune Global 500 company to sign a contract to participate in the Expo in the next five years. Coincidentally, 50 years before signing this five-year contract, in 1973, Rio Tinto, as the first company to supply iron ore to China, shipped its first shipment of iron ore to Shanghai. Two important moments spanning 50 years have confirmed that the confidence of the world's largest iron ore supplier in the Chinese market has never changed.

Rio Tinto's headquarters is located in London, UK, integrating mineral resource exploration, mining, and processing. Its main products include mineral raw materials such as iron ore, aluminum, copper, diamonds, borax, titanium dioxide, lithium, and industrial salts. Among them, iron ore is Rio Tinto's largest business, with resources mainly coming from Pilbara in Western Australia and Canada. In 2023, Rio Tinto ranked 254th on the Fortune Global 500.

The Confidence Behind the First "Five Year Agreement": China | Cooperation | First

In 1973, Rio Tinto Group shipped its first shipment of iron ore from Australia to China. Provided by Rio Tinto Group

At the 5th CIIE, Rio Tinto brought 14 high-quality metal minerals and green innovative application solutions from around the world, and reached cooperation agreements with China Aluminum Group, China Mineral Resources Group, and others during the exhibition.

"For multinational companies, the CIIE has become one of their most important activities in China." Bai Ruiming said that here, companies can showcase the latest products and technologies, expand cooperation with Chinese partners, and tap into the huge potential of the Chinese market.

Although 2022 marks Rio Tinto's first appearance as an exhibitor at the CIIE, since the first CIIE in 2018, Rio Tinto has actively participated through various means such as sponsorship support and forum speeches. Last year, Rio Tinto became a diamond member of the Hongqiao International Economic Forum. Bai Ruiming believes that the Hongqiao International Economic Forum is a platform with international influence, where enterprises can discuss major global issues with international business and academia, and strengthen contacts and exchanges with China.

In May of this year, Rio Tinto Group signed a long-term exhibition cooperation memorandum with the China International Import Expo Bureau for the period of 2024-2028. Provided by Rio Tinto Group

For Rio Tinto, this year is a special year, coinciding with the 150th anniversary of the group's establishment, the 50th anniversary of Rio Tinto's first shipment of iron ore to China, and the 40th anniversary of the establishment of its first Chinese representative office in Beijing. Bai Ruiming revealed that this year Rio Tinto's CEO will lead a global executive team to the 6th China International Import Expo to personally experience the "pulse" and vitality of the Chinese market.

Iron ore is an important raw material for steel production. According to data from the World Iron and Steel Association, China's steel production has already accounted for half of the world's total. Since 2020, China's crude steel production has exceeded the 1 billion ton mark for three consecutive years. Therefore, iron ore is one of the main commodities imported by China.

So far, Rio Tinto has provided over 3.5 billion tons of high-quality iron ore and other important metal minerals to China, and as a result, more than half of Rio Tinto's revenue comes from the Chinese market. Bai Ruiming said, "In many ways, China's success is Rio Tinto's success. The Chinese market is crucial to us."

Bai Ruiming, Chief Business Officer and Chairman of Rio Tinto Group in China. Photo by Kang Yuzhan, journalist from China News Agency

In recent years, Rio Tinto has further cultivated the Chinese market, and its cooperation with China covers trade, exploration, joint venture projects, research and development, talent cultivation, and addressing climate change. For example, in 2022, Rio Tinto reached a cooperation agreement with Baowu Group to establish a joint venture to jointly develop Xipo Iron Mine, with a total investment of approximately 2 billion US dollars; Develop high-grade iron ore resources in Guinea's Simandou with partners such as Baowu and Chinalco. In addition, it also collaborates with Baowu and Shougang Group to jointly develop carbon reduction solutions for the steel industry, and establishes a joint research center on resources, energy, and sustainable development with Tsinghua University.

"The Chinese market is increasingly becoming an important source of our business partnerships, talent, and technology," said Bai Ruiming. Rio Tinto will continue to provide reliable, high-quality, and sustainable products to China and is committed to becoming an important driving force for China's high-quality development.

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On the evening of June 1st, the US Senate passed a bill on the federal government's debt ceiling and budget, and the flame of the US debt bomb was temporarily extinguished at the last moment. The two parties in the United States have staged an extreme tug of war over the US debt bomb. Some experts believe that the US debt crisis is the result of the reckless politics promoted by the US dollar hegemony, and the underlying cause of this crisis is the highly polarized political system of the US. Since the end of World War II, the US Congress has adjusted the debt ceiling more than a hundred times. The recurring debt crisis will not only have a catastrophic impact on the US economy and people's livelihoods, but also continuously erode the value of US dollar assets such as government credit and US bonds, bringing significant and far-reaching impacts to the global economic landscape. 【

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