huge iron ore deal being signed today

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    ABC Online;
    The growing trade relationship between Australia and China will take an important step forward today with the signing of a major contract to supply China with iron ore.

    The deal could inject billions of dollars into the Australian economy.

    Twelve months in the making, the deal would see China process significant amounts of iron ore from Western Australia's Pilbara region.

    BHP, which produces 100 million tonnes of ore in the Pilbara each year, will not confirm nor deny whether it is part of the deal.

    Sources yesterday told the ABC the contract was the biggest of its kind in Australia and would reap billions of dollars in royalties.

    WA State Development Minister Clive Brown is expected to ratify the deal in Beijing today.

    The Australian Stock Exchange is expected to be informed of the deal this morning.

    The Western Australian Chamber of Minerals and Energy says it is not surprised at the scope of the deal with China, given the country's current rapid industrialisation.

    WA recently signed a $30 billion contract to supply China with liquified natural gas.

    Dave R.
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