The Australian Financial Review reported overnight that China will help to bankroll a major expansion by Brazilian iron ore giant Vale and invest in Vale ships to transport ore to North Asia - a deal that will reshape the global industry
- China will loan the company up to $US4 billion ($5 billion) to help fund a $US16.5 billion expansion
- The project will produce 90 million tonnes of iron ore that will be shipped to China "at a cost almost as low as that achieved by industry leader Rio Tinto"
- China will also invest in up to eight of Vale's huge iron ore carriers (Valemax ships)
More at the Australian Financial Review (gated): China to bankroll Vale iron ore expansion
