Brazilian miner Vale and China Cosco Shipping have signed a 27-year agreement for the shipping of iron ore.
Under the terms of the deal, which was signed by the two companies in Beijing on Friday, Cosco should transport 16 million mt of the commodity per year for the Brazilian commodities producer.
According to Cosco, the agreement marks the beginning of a new chapter of the cooperation involving the two companies.
Meanwhile, a Brazilian environmental authority said Vale should receive a provisional license to build a dam for its Brucutu mine, which is located in the state of Minas Gerais and is Vale’s second largest mine in the country.