Edaily reported, DJ Korea’s, STX Pan Ocean signed a cooperation contract with the mining and metals company Vale SA for the delivery of iron ore valued at $ 5 billion. STX Pan Ocean will send 12 million tons of iron ore per year to 13 million metric tons of iron ore. Contract iron ore shipping cooperation will be signed that will last for 25 years.

Vale SA mining company expect cooperation contract iron ore shipment to various countries, can meet the demand for steel mill companies that have signed purchase contracts with iron ore mining company Vale SA.

Vale SA will increase the production and exploration for ore mines can compete with the largest mining companies like Rio, BHP. Increased mining production and exploration is expected to meet market demand and improving corporate earnings.

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