China's VP Han Zheng meets Rio Tinto Chairman Dominic Barton

China's Vice President Han Zheng met with Dominic Barton, head of mining conglomerate Rio Tinto, in Beijing. Following the meeting, Dominic Barton expressed that he is confident about China's economic development prospects and that it would continue its long-term plan there. Han said that China's economy has consistently recovered since the start of this year. He emphasised that China remains a significant driver of global economic development and expressed complete confidence in meeting the annual economic growth objective.

"We welcome Rio Tinto Group to continue to deepen practical cooperation with China, share the new opportunities brought by China's development, and achieve mutual benefit and win-win results," said Han Zheng.

Rio Tinto is bullish about China's economic growth potential, according to Barton, who praised China's economic and social development accomplishments. Rio Tinto's commitment to its long-term growth plan in China includes a steadfast dedication to enhancing collaboration in economy, commerce, technology, and human resources. Additionally, the company aims to ensure the stability and efficient functioning of global industrial and supply networks.

"Adhering to the right direction of economic globalization, China will further deepen reform, expand opening-up, promote high-quality development, and work with other countries to address common challenges," Han said, stating that China's economic development is on the rise and there is scope for new urbanisation.

During a meeting in the Chinese capital, Vice President Han Zheng expressed Beijing's intention to intensify reform efforts, enhance the economic opening-up, foster growth, and collaborate with other nations to address shared difficulties.

Rio Tinto is the leading global iron ore producer, with China being its primary client. The business also produces other essential metals, like copper, aluminium, and lithium, which are crucial for energy transition initiatives. Rio Tinto said that it has expedited the commencement of production from its massive Simandou iron ore project in Guinea to 2025. It intends to invest around $6.2 billion towards developing port and rail infrastructure.

Simandou, poised to become the biggest and finest quality new iron ore mine globally, is a component of Rio's Simfer joint venture with China's Chalco Iron Ore Holdings (CIOH) and the government of Guinea. Rio Tinto holds a majority share of 53 per cent, with the remaining portion being held by CIOH.