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PrintBrazilian miner Vale has teamed up with China's Shandong Landbridge Group for an iron ore wharf project at Rizhao Port, a source at the port told Platts.
The joint venture, which the source said is called Rizhao Landbridge CVRD Port Company, involves a total investment of around $400 million, with a 75/25% equity split between Landbridge and Vale. It will be responsible for the operation of the iron ore wharf which will be capable of docking 300,000dwt vessels.
With the iron ore wharf, Vale is believed to be planning an iron ore transfer of up to 30 million mt/year at Rizhao Port, according to unconfirmed local reports.
With an iron ore storage capacity of around 20 million mt, including 5 million mt at Lanshan Port, Rizhao Port is now the largest iron ore port in China. By November 20, Rizhao Port had handled a total of around 72 million mt of iron ore in 2008. Rizhao Port's iron ore stocks currently stand at around 15 million mt, including 4 million mt at Lanshan Port.
Earlier this year, Australia-based Rio Tinto also approached Rizhao Port for a possible iron ore transfer center at Rizhao Port, the source noted to Platts.
Back in August, Vale contracted China's Jiangsu Rongsheng Heavy Industry Group to build 12 very large ore carriers -- each with a carrying capacity of 400,000 dwt -- at a total cost of $1.6 billion. Vale later confirmed it would not reassess the order despite the weak freight market.
Landbridge Group is a multi-business private company based in Rizhao City, Shandong Province. Its core businesses include oil and chemicals, real estate development, and port logistics. –Platts
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