China has agreed to a 96.5% increase in iron ore prices in long-term contract discussions with Rio Tinto in a move that underlines the undiminished appetite of the world's most dynamic new economy for raw materials and will fuel fears about global inflation and the impact of further consolidation among miners.
The agreement between China's largest steelmaker, Baosteel, and Rio Tinto is the largest annual price rise ever recorded - emphasising the significant profit potential of the Australian mining house as it tries to fend off the unwanted takeover attentions of its rival, BHP Billiton.
http://www.guardian.co.uk/business/2008/jun/24/riotinto.bhpbilliton
Mr Albanese also said Rio Tinto's relationship with China would not necessarily be derailed by continuing environmental and human rights concerns, particularly in Tibet.
"I think it's fair to say that every country has legacies that have to be confronted," he said.
"China would not be isolated in that area.
"It's important not to isolate a country because it still has those legacies to resolve.
http://www.abc.net.au/news/stories/2008/03/27/2200275.htm
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