On January 5, a ship carrying 160,000-tonnes of iron ore would set sail from Venezuela port to WISCO, smoothly implementing the long-term purchasing agreement at "China price" signed by WISCO and Venezuela Mining Group.
WISCO and Venezuela Mining Group signed an iron ore long-term purchasing agreement at a price lower than U.S.$6 per ton than the market price. The quality of the iron ore is superior with little impurity, and the iron ore grade is not lower than 64.41%. The expiration is seven years. WISCO can obtain 4mln tons of iron ore per year from Venezuela Mining Group.
It is reported that the total deposit of Venezuela iron ore reaches 14.657bln tons, among them, the proven deposit is 4.184bln tons. In 2009, iron ore production was 23mln tons.
As the world's largest iron ore importer, China's no saying right in iron ore price must be changed. As of this, since the second half of 2008, WISCO embarked on transferring the pattern of economic development, grasping the developing opportunity brought about by the global financial crisis, energetically implementing “stepping out of China” strategy, developing iron ore production bases in the overseas market by cooperation and investment, it signed iron ore developing and supplying contracts and cooperating agreements with the enterprises of Canada, Brazil, Australia and other countries.
Source: Alibaba
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