Brazilian iron ore producer Vale will enter into a 50:50 joint venture with China-based Ningbo Zhoushan Port Co to double capacity at the Shulanghu port in the eastern Chinese city of Zhoushan, 290 kilometers south of Shanghai, it said on Friday October 9.
Capital expenditure for the project, called West III, is estimated at 4.3 billion yuan ($633 million) to install a stockyard and loading berths in three years, elevating capacity by 20 million tonnes to 40 million tonnes per year, Vale said. Third-party loans will fund 50-65% of necessary investments, with Vale contributing with $109-156 million, it added."[This project] will help...