Vale : S.A. : and Cosco sign cooperation agreement on VLOCs

Rio de Janeiro, September 12, 2014 - Vale S. A. (Vale) and the China Ocean Shipping Company (Cosco), the largest dry bulk carrier in China and one of the largest dry bulk shipping operators worldwide, signed today, in Beijing, a framework agreement for strategic cooperation in iron ore shipping. The document was signed by Mr Murilo Ferreira, CEO of Vale, and Mr Ye Weilong, Chairman of Cosco Bulk, and witnessed by Mr Ma Zehua, Chairman of the Board of Cosco Group, and Mr. Li Yunpeng, Director of Board and President of Cosco Group.

 

This agreement brings together a strategic cooperation between Vale and Cosco. Four existing very large ore carriers of 400,000 tons deadweight owned and currently operated by Vale will be transferred to Cosco and chartered by Vale on a long term basis for 25 years. The transaction value will be released after its closing. In addition, Vale and Cosco shall enter into a similar long term contract of affreightment which will be serviced by ten very large ore carriers of similar deadweight to be built by Cosco for the transportation of the world's best iron ore from Brazil.

 

 

                                                                                                

 

For further information, please contact:

[phone]

Rogerio Nogueira: [e-mail]

Andre Figueiredo: [e-mail]

Carla Albano Miller: [e-mail]

Andrea Gutman: [e-mail]:
mailto:[e-mail]

Claudia Rodrigues: [e-mail]

Marcelo Bonança Correa: [e-mail]

Marcelo Lobato: [e-mail]

Marcio Loures Penna: [e-mail]

 

This press release may include statements that present Vale's expectations about future events or results. All statements, when based upon expectations about the future and not on historical facts, involve various risks and uncertainties. Vale cannot guarantee that such statements will prove correct. These risks and uncertainties include factors related to the following: (a) the countries where we operate, especially Brazil and Canada; (b) the global economy; (c) the capital markets; (d) the mining and metals prices and their dependence on global industrial production, which is cyclical by nature; and (e) global competition in the markets in which Vale operates. To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores Mobiliários (CVM), the French Autorité des Marchés Financiers (AMF), and The Stock Exchange of Hong Kong Limited, and in particular the factors discussed under "Forward-Looking Statements" and "Risk Factors" in Vale's annual report on Form 20-F. 

Vale and Cosco:
http://hugin.info/144918/R/1862222/653321.pdf

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Source: Vale S.A. via Globenewswire

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