China’s state-backed iron ore buyer and Rio Tinto Group have reached a multiyear agreement on supplies of the steel-making staple, adding to deals that the group has struck with leading global producers.
China Mineral Resources Group Co. and Rio Tinto reached the long-term agreement earlier this month, according to people familiar with the matter, who asked not to be named discussing a private matter. The contract will cover the period from November this year to May 2028, the people said.
