(Yicai Global) Dec. 20 -- State-owned  China Baowu Steel Group and Anglo-Australian mining giant Rio Tinto  Group will deepen their collaboration regarding an iron ore project in  Western Australia. 

Rio Tinto and Baowu signed an agreement  in Shanghai on Dec. 18 to enter talks about prolonging their partnership  regarding Bao-HI joint venture that has already delivered over 180  million tons of iron ore since its inception in 2002, online news outlet  Jiemian reported. 

Bao-HI JV is based in Australia's  mineral-rich Pilbara region, and controls the Eastern Ranges and Western  Range mines, the latter category of which is still pending to kick off  operations. London-headquartered Rio Tinto has started its pre-feasibility study into the Western Range and is expected to finish it at the end of next year. 

The JV has already earned Baowu USD540 million in profits, the Shanghai-based firm said to Chinese media last year. 

Editor: Emmi Laine