Mining giants enter iron ore deal for China

The two major mining companies, Fortescue and Vale, have entered signed a Memorandum of Understanding to establish one or more joint ventures in China in order to strengthen competitiveness. The deal also enables Vale to invest in Fortescue.

Photo: Vale

Australian Fortescue and Brazilian Vale have signed a Memorandum of Understanding for the establishment of one or more joint ventures in China. Fortescue writes this in a statement on Tuesday, and highlights that the deal must first be approved by the respective boards at the two mining giants.

Together, the two companies will produce a special selection of iron ore which is directly targeted at the demand from China and will thus strengthen the competitiveness of Fortescue and Vale on the Chinese market.

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