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BRIEF-Fortescue Metals says enters memorandum of understanding with Vale S.A.

Published 08/03/2016, 08:34 am
Updated 08/03/2016, 08:40 am
© Reuters.  BRIEF-Fortescue Metals says enters memorandum of understanding with Vale S.A.

March 8 (Reuters) - Fortescue Metals Group:

* Fortescue memorandum of understanding with Vale S.A.

* Agreement proposes formation of one or more joint ventures for the blending of selected volumes of iron ore from both companies

* Agreement provides a framework for potential investment by Vale in Fortescue

* MOU sets out principles on which Vale and co agreed to pursue long term opportunities to create additional value for customers in Chinese steel industry

* Potential investment through a minority acquisition of shares on market and/or investment in current or future mining assets

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