BHP clinches $11.6bn China deal

BHP Billiton has won a $US9 billion ($A11.6 billion) contract to supply iron ore to China's steel mills for the next 25 years. The four largest Chinese steelmakers will take a 40 per cent stake in BHP Billiton's Jimblebar mine, in partnership with two Japanese companies. BHP Billiton's current Japanese partners in the joint venture, Mitsui and CI Minerals Australia, will have 9 per cent of the sub-lease leaving BHP Billiton with a controlling 51 per cent.