Arab Today, arab today australian miner fortescue to team up with brazils vale
Last Updated : GMT 23:00:09
Arab Today, arab today
Arab Today, arab today

Australian miner Fortescue to team up with Brazil's Vale

Arab Today, arab today

Arab Today, arab today Australian miner Fortescue to team up with Brazil's Vale

Fortescue's Herb Elliot Port in western Australia
Sydney - AFP

Australia's Fortescue Metals on Tuesday opened the door to joint ventures and other investment deals with the world's biggest iron ore producer Vale under an agreement aimed at serving Chinese customers.

As iron ore prices jumped a record 19 percent overnight on the prospect of more Chinese stimulus, Fortescue Metals Group said it had entered into a non-binding memorandum of understanding with the Brazilian giant.

"(It) will allow us to work together to deliver long-term value to our customers, through the efficient supply of an attractive and competitive new iron ore blend in China," Fortescue chief executive Nev Power said.
Fortescue, of which billionaire Andrew "Twiggy" Forrest is a major shareholder, said the memorandum of understanding proposed the formation of one or more joint ventures for the blending of selected volumes of iron ore from both companies.

It also provided a framework for potential investment by Vale in Fortescue "through a minority acquisition of shares on market and/or investment in current or future mining assets", a statement said.

After the announcement, Fortescue issued a clarifying statement, saying the memorandum of understanding "contemplates an acquisition of its listed shares of between 5 percent and 15 percent, as agreed between the parties".

Iron ore producers had been battling a supply glut and softening Chinese demand, which has seen the price of the key steel-making ingredient plunge.

But commodity markets surged on Monday with iron ore spiking 19 percent to US$63.73 on China's weekend announcement to expand spending, with the prospect of increased steel consumption boosting iron ore.

Shares in Fortescue, which exports 165 million tonnes of iron ore annually from its deposits in Western Australia's Pilbara region, soared 23.7 percent on Monday, but closed down 9.42 percent after Tuesday's announcement at Aus$2.79 in an overall falling market.

Fortescue said the Vale agreement, which had been under discussion for about a year, was subject to board and regulatory approvals.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today australian miner fortescue to team up with brazils vale Arab Today, arab today australian miner fortescue to team up with brazils vale

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday