The Wall Street Journal reported that Chang Dechuan, president of Qingdao Port, China's second largest foreign trade port, said on Saturday that it is working with Brazil's Vale SA (VALE SA, VALE5.BR) on the development of a 400,000-ton iron ore shipping terminal. Initial negotiations, but no further progress in the negotiations.
Chang Dechuan said at the third meeting of the 11th National People's Congress that the company did not involve the Australian mining company Rio Tinto Plc (RIO.LN) or BHP Billiton Ltd. (BHP). negotiation. The two companies are Vale's main competitors in the mining industry.
The construction of the above-mentioned super-large terminal is an effort by Vale to reverse the unfavorable situation of long routes and high costs and adapt to the needs of the Chinese market. China is the world's largest consumer of iron ore.
Chang Dechuan said that the terminal construction has not yet begun and is currently in the preparatory stage.
Qingdao Port plans to build a 400,000-ton terminal. According to media reports, Zhanjiang Port in Guangdong Province also plans to launch similar projects, and is also seeking to join Vale.
Chang Dechuan said that the Qingdao Port terminal construction plan is awaiting approval from the government and is not sure when the project will start.
Chang Dechuan said at the third meeting of the 11th National People's Congress that the company did not involve the Australian mining company Rio Tinto Plc (RIO.LN) or BHP Billiton Ltd. (BHP). negotiation. The two companies are Vale's main competitors in the mining industry.
The construction of the above-mentioned super-large terminal is an effort by Vale to reverse the unfavorable situation of long routes and high costs and adapt to the needs of the Chinese market. China is the world's largest consumer of iron ore.
Chang Dechuan said that the terminal construction has not yet begun and is currently in the preparatory stage.
Qingdao Port plans to build a 400,000-ton terminal. According to media reports, Zhanjiang Port in Guangdong Province also plans to launch similar projects, and is also seeking to join Vale.
Chang Dechuan said that the Qingdao Port terminal construction plan is awaiting approval from the government and is not sure when the project will start.
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