Kuala Lumpur: Brazilian mining giant Vale will launch the first phase of its iron ore storage and distribution centre in Malaysia in March, Reuters reported.
Joao Mendes de Faria, president of Vale China, said at a Metal Bulletin conference that the Malaysian centre will receive its first Valemax vessel next month, bringing larger quantities of Vale's ore in closer proximity to China's ports.
Vale is planning to increase its total iron ore production by 50% to more than 450m tonnes a year by 2018, and raising its market share in China is a vital part of its strategy.
China banned the 400,000 dwt Valemaxes from calling at Chinese ports in early 2012 to protect domestic shipping companies and the Ministry of Transport of China announced a new policy recently that set a maximum capacity of 250,000 dwt for ships berthing in China, however, larger ships can berth at the port through reducing the cargo tonnage onboard. [26/02/14]