Six tug boats unload a 400,000-metric-ton-class South Korean ore carrier at Shulanghu Wharf in Ningbo Zhoushan Port on Nov 1. [Photo/VCG]

Ningbo Zhoushan Port Group and Brazilian mining company Vale signed an agreement in Hangzhou, capital of Zhejiang province, on Nov 12 to establish a joint venture which would build and operate a new zone in Zhoushan's Shulanghu Wharf, part of Ningbo Zhoushan Port.

Vale is the world's largest producer of iron ore, while Ningbo Zhoushan Port is the world's largest port by cargo throughput. Vale and Ningbo Zhoushan Port Group each hold a 50 percent stake in the joint venture.

The signing ceremony marks Vale's largest investment in China so far. The new zone will consolidate Shulanghu Wharf's position as a global transfer hub for iron ore.