Wuhan Iron and Steel Group Co has signed an agreement with Ningbo Port Group and Zhejiang Herun Industry Group to build a $350m iron ore terminal in Zhoushan, Shanghai.
WSICO will own the majority 51% stake in the project, while Ningbo Port Group and Zhejiang Herun Industry Group will hold a 25% and 24% stake respectively. The terminal will have an annual capacity of 30m tonnes and boast four berths (1x3000,000 tonnes, 1x50,000 tonnes and 2x10,000 tonnes) and two stacking yards. WISCO believes that upon completion, it will be largest iron ore transhipment terminal in China.
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