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International mining giant Rio Tinto on the 5th in its official website a notice hanging out, said Rio Tinto and BHP Billiton on the establishment of a manufacturing joint venture related matters, on the same day evening to sign a binding agreement. Analysts believe that this Cooperation Once the European Union and Australia and antitrust approvals, the new joint venture may replace the current world number one CVRD and change the current international Iron ore Market structure, thus increasing the Chinese Iron ore talks Disadvantage. -Called Decade of grinding sword This long-planned deal to open in June, according to the original plan, the two sides signed an agreement in January next year, but due to good progress, both sides finally on last Saturday (5) agreement ahead of schedule. It is noteworthy that China may be considered "two-continuation" of concern, has been published in English and Rio Tinto announcement, press release section in the home, particularly in the Chinese translation of the text of the agreement announcement. Bulletin said, the production joint venture will have a Western Australia present and future of all iron ore assets and liabilities, by Rio Tinto and BHP Billiton holds a 50% interest each. Joint venture will be close to unified management of mineral resources; by shortening the rail transport and more efficient port configurations reduce costs; more mixed ore selection of products available to achieve maximum recovery and further improve operational efficiency; through the integration of both resources to carry out larger, higher returns on capital expansion projects, optimize future growth opportunities; on management, procurement and integration of daily expenses. BHP Billiton Chief Executive Officer, said Reith, bilateral cooperation program "has been brewing for decades." The two companies said that if all goes well, the transaction will be formally completed the second half of 2010. But the statement did not disclose both BHP Billiton to pay Rio Tinto the number of specific funds, according to the previous proposal, this number will be 5.8 billion U.S. dollars. The two sides has been the European Commission and the Australian Competition and Consumer Commission (ACCC) submitted a declaration of the proposed joint venture production of material, and is expected in the near future to declare other relevant regulatory bodies. This means that the two sides will face several months of review time. One analyst said that although the two companies have signed an agreement, but the final completion is still facing many obstacles. In fact, in 2008 the European Commission had to "fear will lead to iron ore market manipulation" as an excuse to reject the then wholly-owned BHP Billiton takeover of Rio Tinto's plan. To make this transaction smoothly get approval, BHP Billiton and Rio Tinto this can be described as "painstaking." 10 15, Rio Tinto and BHP Billiton have announced that they will not engage in any joint venture, sales practices, which is for June 5, 2009 signed by the core principles of non-binding agreement, the only significant changes. In this announcement, the two sides also stressed that the joint venture production of iron ore will be delivered for Rio Tinto and BHP Billiton, through its own sales force of independent sales. The two companies demonstrated the EU's review of "well in line with" attitude, both sides expressed their understanding of the European Commission will be based on "the EC Treaty," Article 101 (formerly 81) on the production joint venture to be reviewed. Former BHP Billiton China, a responsible person in an interview that as the two companies in the global iron ore industry occupies a very important position, so the business combination transaction may have been the European Commission's objections. The reason to sell separately, in fact cleverly avoided the anti-monopoly requirements, and enhance the possibility of a smooth approval. The plan will also face the pressure against the global steel industry. The European steel industry Union on November 16 evening issued a statement on behalf of the European steel companies appealed to the EU antitrust authorities to stop mining giants BHP Billiton and Rio Tinto's iron ore joint venture plan. The e-commerce company in China offers quality products such as mechanical automatic watch , China mechanical alarm watch, and more. For more , please visit accuracy mechanical watch today!
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