Brazilian mining giant Vale and the China Merchants Group (CMES) signed an expanded framework deal for strategic co-operation on iron ore shipments. Vale has agreed to sell four large iron-ore carriers to CMES.
The world's largest producer of iron ore said in a statement the details of the contract had not yet been finalized and will be released in the coming months.
"No price has yet been disclosed for the four vessels. Vale says the terms and conditions of the contract are still under discussion, but the deal should be finalized in the coming months," says the statement.
The first agreement between the two companies was signed on 26 September 2014. According to Vale, the contract details are still under discussion and the agreement with CMES should be completed in the coming months.