Brazil’s Vale and China’s Ningbo Zhoushan Port Group have signed a memorandum of understanding (MOU) to further deepen their cooperation.

The MOU will see Ningbo Zhoushan Port Group and Vale seek opportunities on cooperating on the supply of Vale’s iron ore products to Chinese customers. The two parties will also cooperation in the logistics and supply chain sectors.

Vale already has a 46-year long commercial partnership with China.

Mao Jianhong, party secretary of Ningbo Zhoushan Port Group, said that Shulanghu ore terminal achieved a rapid growth on the iron ore handling volume supported by Vale.

Currently, Ningbo Zhoushan port is the largest iron ore and crude oil transfer base in China and a storage and transit base for liquid chemicals, coal and grain. The port handled 1.08bn tonnes of cargo in 2018, an increase of 7.3% year-on-year.