Rio Tinto yesterday backed reform of the benchmark iron ore pricing system, joining BHP Billiton in predicting sweeping changes to one of the most important negotiations affecting the global economy.
“The benchmark has to evolve or it will break,” Tom Albanese, Rio Tinto chief executive, said as the miner reported a 55 per cent drop in pre-tax profits in the half-year to June 30.
Rio, the second largest iron ore producer, had been a backer of the benchmark system, in place since the 1960s, under which the first price agreed between a miner and steelmaker becomes a benchmark followed by the rest of the industry for 12 months.
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