December 23, 2008
Vale makes payment on giant bulker order
Reports that Brazilian iron ore giant would cancel a $1.6 billion order for 12 giant ore carriers appear to have been ill-founded.
Bloomberg is reporting that Vale has paid an initial $240 million to Chinese shipbuilder Jiangsu Rongsheng Heavy Industry Group Co. The Bloomberg report, which quotes unnamed Vale executives as its sources, says Vale will pay another $240 million in the middle of 2009.
Bloomberg says that Rongsheng Chairman Chen Qiang confirmed Vale had made a payment, which was reported by the Shanghai Securities News today, but declined to provide details in a telephone interview.
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