Rio Tinto has reached a multiyear agreement to supply iron ore to China Mineral Resources Group (CMRG), China’s state-backed buyer. The contract runs from November 2026 through May 2028.
The deal gives Rio Tinto greater sales certainty in its largest market and a stable long-term outlook for a substantial portion of its iron ore output. The negotiations were challenging.
Established in 2022, CMRG consolidates purchases for China’s steel industry and strengthens its negotiating power with major suppliers.