ANS : will we fold or fly?, page-234

http://www.china.org.cn/business/2022-07/27/content_78343211.htm

In 2021, China imported 1.12 billion metric tons of iron ore, with 82.8 percent from Australia and Brazil.The global iron ore market has been highly concentrated by the top four mining companies-Rio Tinto, Vale SA, BHP and Fortescue Metals Group-all of whom account for nearly 70 percent of global exports, the report said.

Rio Tinto said it is looking forward to cooperating with the newly founded China Mineral Resources Group "to understand more". The Australian metals and mining giant said it is willing to continue working with customers, suppliers and industry stakeholders in China to improve the company's products and services to meet evolving customer needs."Examples include technical collaboration to support our customers' decarbonization aspirations, expanded iron ore sales to ports in China, sales of iron ore via a WeChat app and leading the industry in completing fully paperless end-to-end transactions using blockchain technology, some of which include yuan settlement," said a Rio Tinto spokesperson.

Interesting.