On November 12, Vale and Ningbo Zhoushan Port signed a cooperation statement in Hangzhou, Zhejiang Province to establish a joint venture company to construct and operate the West Third District Project at Shulang Lake terminal in Zhoushan City, Zhejiang Province.

The West Third District project is Vale's largest investment in a single project in China. The total investment in the project is RMB 4.3 billion (approximately USD 624 million, 100% equity). Vale will own a 50% stake in the joint venture. Both parties of the project plan to obtain third-party loans that account for not less than 50% but not more than 65% of the total investment.

According to the plan, Vale’s investment will be between approximately US$109 million and US$156 million. The project includes the construction of a storage yard and ship loading berth with a processing capacity of 20 million tons at Shulang Lake terminal.

By participating in the project, Vale will ensure that the company's total annual processing capacity at Shulang Lake terminal reaches 40 million tons. The construction of the project will start after the two parties pass the centralized application review and other relevant regulatory approvals in China. The expected construction period is three years.

Source: Sarah Yu, XINDE MARINE NEWS

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