The world's largest iron ore producer, Brazilian miner Vale, has signed a memorandum of understanding (MoU) with the government of Oman for construction of a new iron ore palletizing plant in Oman's Sohar Industrial Port.
According to the agreement, Vale will supply iron ore from its Brazilian mines to Oman to be further processed into pellets. The pellets produced at the new plant will be exported to the Gulf, the Middle East and Southeast Asian region.
The new plant worth $ 1 billion is expected to start production in the second half of 2010.