Vale and Cosco in giant iron ore arrangement

Mining giant Vale and China's largest carrier, Cosco, have reached an agreement for Cosco to lease four of the mining company's giant vessels - Valemaxes.

BY LOUISE VOGDRUP-SCHMIDT

On Friday, Cosco and Brazilian Vale signed an agreement that has Vale leasing four of its 400,000 cubic ton vessels to Chinese Cosco. The agreement has a 25-year duration and also contains a clause stating that Cosco will build 10 Valemaxes of its own.

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