Brazilian miner Vale SA says it means to expand its Shulanghu iron ore terminal in the eastern Chinese port of Ningbo-Zhoushan, having struck a deal to that effect with Ningbo Zhoushan Port Co. Ltd.
Vale announced in writing that its joint venture with the port operator will build, own and operate an extension comprising a stockyard and loading berths which can handle 20 million tonnes of ore a year, doubling the capacity of the terminal and so reducing Vale shipping and distribution costs.
The partners will pay about 4.3 billion yuan (about US$637.1 million) for the land for the extension, Vale says.
The extension should take up to three years to build, according to the Vale announcement.
(Source) Permanent Secretariat to the Forum for Economic and Trade Co-operation between China and Portuguese-speaking Countries (Macao):