On March 30, 2012, Rio Tinto signs agreement with China International Mining Exchange (CBMX) in Singapore and becomes a sponsor member of China Iron Ore Spot Trading Platform (the Platform).
Alan Smith, Rio Tinto's Iron Ore Asia president and Dong Chaobin, president of CBMX, signs the agreement.
Xu Xu, chairman of China Chamber of Commerce of Metals Minerals & Chemicals Importers & Exporters (CCCMC), Wang Chunsheng, deputy secretary general of China Iron & Steel Association (CISA), and representatives of China National Minerals Co., Ltd., Sinosteel Trading Co., Ltd., China National Building Materials Group Corporation, and Rio Tinto's Iron Ore Asia attends the signing ceremony.
The Platform was jointly launched by CISA, CCCMC and CBMX on January 16, 2012. The Platform, which attracts extensive attention and active participation of steel mills, iron ore producers and traders both at home and abroad since launched, has started its trial operation. The platform will fully play the role of market resource allocation, reflect the iron ore market supply and demand relationship objectively and truly, enhance the formation of the equal, impartial and reasonably transparent international iron ore pricing mechanism, and promote the healthy, orderly and stable development of the iron ore market. The Platform welcomes domestic and foreign steel mills, iron ore producers and traders to join in the business and cooperation through the platform.