Brazilian miner and iron ore producer Vale has closed an iron ore transport contract with South Korean shipping firm Pan Ocean.
Under the terms of the deal, Vale will pay $1.82 billion over a period of 27 years; Pan Ocean will ship iron ore from Brazil to China from 2020 to 2047.
Pan Ocean reportedly said Vale might also sign long-term contracts for 30 vessels, from seven shippers, both in South Korea and elsewhere.