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REGIONAL> Highlights
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NHI signs cooperation memorandum with Vale
By Liu Ce (China Daily)
Updated: 2009-02-19 16:58
Northern Heavy Industries Group Co., Ltd. (NHI) signs a $48.7 million contract with Vale for the latter's purchase of 20 belt conveyors and a sampling system on Feb 19. The two companies also sign a cooperation memorandum for a long-term copartnership. The contract includes all the accessories and auxiliary equipment to be used in Vale's pelletizing project in Oman. Headquartered in Brazil, Vale is the world's second largest diversified mining company in market capitalization. Present in over 30 countries, it is as well as the world's largest producer of iron ore and pellets, and one of the largest producers of nickel. To date, Vale's purchases from China have totaled more than $2.8 billion. "Oman's project contract is only one of the exciting projects that will be carried out in the following years. The cooperation between the two will have a brilliant future together," said Garla Grasso, executive director of Vale. "The cooperation between NHI and Vale is a win-win outcome. Also, it demonstrates a new page of NHI's global strategy," said Geng Hongchen, president of NHI. In 2008, NHI already awarded Vale two contracts with total value of $32.5 million for the Serra Sul and Mozambique projects. "Last year, we achieved overseas contracts with a total amount of $376 million relying on independent innovation," Geng added, "In 2009, the value of exports will reach $300 million." NHI is a leading manufacturer in China heavy machinery industry consisting of Shenyang Heavy Machinery Co., Ltd. and Shenyang Mining Machinery Group. The products are spread throughout the country and some of them are exported to over 30 countries and regions. Wang Ying, vice mayor of Shenyang expressed that the cooperation between the two will contributes to the city's economy growth as well. China Daily Liaoning Bureau |
