[Ferro-Alloys.com] China's Baoshan Iron & Steel Co Ltd (Baosteel) and Australia's Aurizon Holdings Ltd (AZJ.AX) launched a $1 billion bid for an Australian resources firm in a move that could break the stranglehold of giant miners Rio Tinto (RIO.AX)(RIO.L) and BHP Billiton (BHP.AX)(BLT.L) on the country's iron ore exports.

Baosteel's move would be the biggest foray into an undeveloped iron ore project in Australia by a Chinese investor since CITIC Pacific (0267.HK) ran into massive cost blowouts and delays on the $10 billion Sino Iron project, which started producing in 2013.

Aurizon, advised by UBS, said it would acquire 15 percent of Aquila if the deal was successful. It aims to take a majority stake in port and rail infrastructure for the WPIO iron ore project.

• [Editor:wangwen]