Zhang Baoguo, head of the National Energy Administration

Recently Vale got financing from two Chinese funded banks with 7.5 billion dollars. Then Tubarao Port in Brazil signed cooperation agreements with Lianyungang Port.

Zhang Baoguo, head of the National Energy Administration said in an interview that after the signing of the agreement, Vale will export more iron ore to China and China will import more iron ore from China, where both sides can benefit from.

Zhang said the plan of Valemax entering into Chinese port is negotiating and we will try our best to find receptibal solutions for both sides.

China is the largest iron ore importer.50% of iron ore produced by Vale will be shipped to China. According to the report, the Q1 net profit of Vale fell by 19% to 2.52 billion that the same period last year, mainly because China economy growth is getting lower and the price of iron ore fell significantly.