Mining giant Rio Tinto has announced it has become a member of the new China Beijing International Mining Exchange (CBMX). The CBMX is an electronic trading platform that will provide participating members with an additional iron ore trading channel in the China market.

 

The announcement comes after a signing ceremony was held in Singapore at the end of March.

 

Rio Tinto Iron Ore Asia president Alan Smith said "We welcome the development of CBMX as it gives us a new option for selling any available tonnes to China, over and above those already contracted. We look forward to the Exchange developing into a transparent, independent, efficient and sustainable iron ore trading platform supported by broad market participation."