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Rio Tinto hits shipping milestone

An undated handout photograph shows Rio Tinto Group's three billionth ton of iron ore being loaded onto the Pacific Ruby vessel berthed at Cape Lambert port in Pilbara, Western Australia, provided to the media on Tuesday, Sept. 8, 2009. Rio Tinto Group, the world's second-largest iron ore exporter, said today it shipped its 3 billionth metric ton of iron ore from Australia since it began shipments in 1966. Source: Rio Tinto Group via BloombergEDITOR'S NOTE: NO SALES. EDITORIAL USE ONLY.

SHANGHAI (Reuters) — Rio Tinto Group, the world's second- largest iron ore exporter, said today it shipped its 3 billionth metric ton of iron ore from Australia since it began shipments in 1966.

Meanwhile, one of three detained Chinese employees of Rio Tinto has applied for bail, the state-owned news agency Chinanews and a source with direct knowledge of the case said on Monday.

Yang Bailin, lawyer of Wang Yong, submitted an application for bail on September 2, Yang was cited as saying by Chinanews on Sunday.

The police should reply to the request by today, the news agency said.

A source with direct knowledge of the case confirmed on Monday that Wang had made an application for bail, adding that the police had not yet made any decision.

Yang was not available for comment on Monday. Wang's other lawyer, Zhang Peihong, declined to comment. Yang said he met Wang on August 17 and his client appeared in good condition, Chinanews said.

Lawyers for the said the other two detained Chinese employees declined to comment.

The three Chinese were arrested along with the Anglo-Australian mining company's sales manager in China, Stern Hu, an Australian citizen.

They face charges of stealing commercial secrets.

It was not clear if they had also asked for bail.

Rio Tinto has ceased attempts to forge an annual fixed iron ore price with Chinese steel mills, the firm said on Friday, but it denied media reports that the halt was due to the detention of its employees in China.

The talks on supply contracts for the supply year that began July 1 are deadlocked over how deeply to cut prices following two years of sharp increases.

"At this point in time we're not negotiating," Sam Walsh, chief executive of Rio's iron ore business, said in Perth. He said talks might resume. "I expect they will, but I don't know when."

China, the world's biggest steelmaker, is pressing for price cuts of up to 40 percent following two years of increases totalling more than 100 percent.

Major suppliers agreed to a 33 percent cut with Japanese and Korean steel mills this year.