Australian giant seals deal with China worth $8.5 billion USD....
Australia's multinational mining giant, BHP Billiton, has announced its biggest ever contract to supply iron ore to China.
Under the agreement, four Chinese steel mills will take a stake in a BHP mine in Western Australia while buying 12m tonnes of iron ore annually for 25 years. The deal is expected to be worth more than 8.5 billion USD.
According to BHP Billiton CEO, Chip Goodyear, 'this type of joint venture arrangement gives confidence for further investment in Western Australia, and particularly BHP Billiton.'