Alibaba.com: WISCO and Venezuelan Mining Group have reached the five-side agreement. The conclusion of agreement brought the security to the long-term purchasing agreement reached by International Economic&Trading Corporation WISCO and Venezuelan Mining. Currently, all the parties involved in the agreement are fulfilling the inner approving procedure.

The total iron ore reserves of Venezuela is 14.657 billion tonnes, with the proven deposit of 4.184 billion tonnes. Venezuelan Mining Group is Venezuela's only iron ore producer, and its iron ore grade is lower than Brazil's ore products, and its iron ore production capacity is 23 million tonnes in 2009.

Agreement gave top priority to WISCO to holding the purchasing contract and rejection right with the expansion of the mine's enlarging production capacity, winning the first chance for future iron ore purchase.

Inking the contract and agreement not only relives COA pressure in the Brazil airline, more important point, the agreement first pointed out that the contract is implemented at the price of China, marking that China's iron ore purchase price is not restricted by the international three big giants, of great significance to WISCO's iron ore purchase.

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1-wisco-reached-agreement-venezuelan-mining.html