Australian ore to feed China steel production

BHP Billiton of Australia said it will sign a deal to raise iron ore exports to China by four to six million tons in 2004, doubling its iron ore sales to China. Billiton, the world's largest diversified mining company, will form a joint venture with Wuhan Iron and Steel, Maanshan Iron and Steel, Jiangsu Shagang Group and Tangshan Iron and Steel. The Chinese companies will sublease 40% of BHP Billiton's Jimblebar mine in western Australia. Billiton will hold 51% of the venture while CI Minerals Australia and Mitsui Iron Ore Corp, both of Japan, will hold 4.8% and 4.2% each.