Brazil's mining giant Companhia Vale do Rio Doce (CVRD) said yesterday that it had signed long-term contracts with a group of Chinese steel companies.

CVRD will export an average of 19.4 million tons of iron ore to the Chinese companies annually between 2007 and 2017, and 8.1 million tons between 2018 and 2031, according to the contracts.

The signing of the contracts demonstrated that CVRD was the most important high-quality iron ore supplier to China, and would further strengthen the already excellent relationship between CVRD and its Chinese clients, CVRD said.

CVRD, the world's biggest iron ore producer, had an output of 234 million tons in 2005.

On Oct. 24, CVRD acquired Canadian nickel giant Inco Limited, the world's leader in the nickel market.

At present, CRVD's estimated market value exceeds 100 billion reals (US$46.5 billion).

(Published by English Eastday, November 17, 2006)