Agnico Eagle expands stake in First Nordic to 13%
First Nordic is finalizing its acquisition of the Oijärvi gold project in Finland.
Brazilian mining giant Vale (NYSE: VALE) has contacted China’s second largest container line China Shipping Group to negotiate a way for its very large ore carriers (VLOCs) to dock in Chinese ports again, reports Taipe Times.
Quoting China Shipping’s chairman Li Shaode, the article says that the company turned down any potential deal until Vale, the world’s largest iron ore producer and exporter, gets the local authorities’ approval for the ships.
Last year, China’s transport ministry announced a ruling that restricts ports’ right to accept super-sized vessels, giving room to speculation about Vale no longer being able to make full use of its VLOCs.
Vale’s plan is to use the Philippines as a trans-shipment hub that, while more expensive and employs more workers, will allow the product to reach China via smaller panamax and capesize vessels.
It takes at least a month for vessels from Brazil to reach China, versus a week from the Philippines. Vale is also setting up a trans-shipment hub in Malaysia as an alternative to Chinese ports.
Asked about this issue, Vale declined to comment.
3 Comments
Bob
If China is building the Ships and selling them, then China should make sure its infurstructure can handle anything that they build.
They want their cake and to eat it too. They are deliberately setting up a system to ruin world wide competition, for their own special interests and Gov’t payoffs.
francis beth
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Mike Whitney
Vale should JV with the PLA especially where they are planning on producing strategic metals which now days includes everything from base fruits to gold nuts. In China the name of the game is to keep the lid on top of the boiling pot, there are a lot of peasants to placate and their kids are all in the Army. Don’t think in the box traditionally, think like Pele played!
Mike Whitney
Toronto ON
89 Winners Circle
PS my wife is from Beijing.