Vale & Ningbo Zhoushan Port Investing in Iron Ore Storage
Brazilian iron ore miner Vale and China’s state owned port operator Ningbo Zhoushan Port have agreed on a deal to invest CNY 4.3 billion (USD 651
million) in iron ore storage and processing facilities in the Chinese province of Zhejiang. Vale and Ningbo Zhoushan Port will each hold 50% in the joint venture, whose proposed creation was flagged in a filing in October. Vale has partnered with Zhoushan Port Company to build and operate Project West III in the port of Shulanghu, which will expand the miner's iron ore annual capacity at the port by 21 million tonnes. It involves a building of iron ore storage yard with the maximum capacity of 4.1 million tonnes, blending and processing facility with 21 million tonnes capacity, and two shipping berths
In August, Vale and Ningbo Zhoushan Port opened a grinding terminal at the port to supply new high-grade product GF88 to Chinese customers. The Shulanghu Grinding Hub, located at the Shulangbu Ore Transfer Terminal in Zhoushan city, has three production lines with the annual capacity of 3 million tonnes of new pellet feed.