A joint venture agreement has been signed in respect of a new iron ore terminal project at the Port of Dongjiakou in Qingdao, China.

This encompasses the Qingdao municipal government, Cosco Pacific (25%),Tsingtao Port Group (30%), China Merchants Holding (25%) around the IMC group (20%). The terminal has two berths: one for vessels of 300,000dwt and one for vessels of 200,000dwt. Investment will be $619 million.