A group of investors led by the China Investment Group, the Chinese state’s sovereign wealth fund, is negotiating an iron ore supply contract with Brazilian group Vale, the China Daily newspaper reported.
The newspaper, citing sources, said the group plans to sign a contract worth many billions of dollars to ensure a steady supply of iron ore for at least 30 years.
If the two sides reach an agreement, the Vale group will immediately receive US$9 billion, which is important to reduce its total liabilities recorded ta the end of the first quarter, of US$27.661 billion.
According to the newspaper some Chinese and Japanese trading companies have been talking with the Brazilian group to acquire minority stakes in iron ore assets owned by Vale.
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