The South Korean mill earlier this year agreed to buy as much as 15 percent of the Roy Hill iron ore project in Australia and a 7.8 percent stake in a coal mine in Mozambique.
In addition to being an important partner in the venture, Vale is responsible for supplying the iron ore to be used by the steel mill complex, through a 15-year contract signed with ThyssenKrupp.
Gindalbie and Ansteel have an off-take agreement for Karara iron that has Ansteel taking 100% of the production of the mines to Ansteel's new 6.5 million tons per year Bayuquan steel mill.