Rio Tinto to buy ore from mine in WA

Rio Tinto Ltd has signed an agreement to purchase ore from a junior explorer as the mining giant seeks to prevent third parties gaining access to its railway in Western Australia. The world's second largest iron ore producer has agreed to purchase the steelmaking product from Iron Ore Holdings Ltd's (IOH) Phils Creek mine, 90 kilometres from Newman in the Pilbara region of WA. "It demonstrates our preferred alternative to the growing demands from government and industry for access to our rail infrastructure," Rio Tinto iron ore chief executive Sam Walsh said in a statement. Junior iron ore companies led by Fortescue Metals Group Ltd are seeking access to Rio Tinto and BHP Billiton Ltd's railways in the Pilbara to export the steel-making commodity amid rising prices for the commodity. IOH shares gained 4.5 cents, or 7.89 per... [read full story]