By Rhiannon Hoyle

SYDNEY--Rio Tinto PLC (RIO.LN) and China Baowu Steel Group Corp., one of the world's biggest steelmakers, agreed to negotiate a possible extension to an iron-ore joint venture in Australia, Rio Tinto said.

An agreement has been signed that "reinforces" the Bao-HI joint venture, which was established in 2002 and controls the Eastern Ranges mine and Western Range project in the Pilbara region of Western Australia state, said Rio Tinto, the world's second largest mining company by value.

Rio Tinto--which owns 54% of the joint venture, with China Baowu holding the rest--is looking at options for the Western Range project, with a prefeasibility study scheduled for completion by the end of next year.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

December 18, 2018 21:41 ET (02:41 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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