Vale S. A. CL P (VALE.P)

[Nkore]

Brazil Vale Signs Iron Ore Transport Accord With China Merchants Group

By Rogerio Jelmayer

SAO PAULO--Brazilian mining giant Vale S.A. (VALE, VALE3.BR, VALE5.BR) said Friday it signed a stragtic iron-ore cooperative shipping agreement with China Merchants Group, one more step in its efforts to improve its iron-ore shipments to China.

"Vale and China Merchants agreed to enter a contract of affreightment for a period of 25 years which will be serviced by 10 very large ore carriers to be built by China Merchants for the transportation of Vale's iron ore from Brazil to China," the Brazilian company said.