State-owned firm China COSCO Shipping Corp Ltd signed a deal with Brazilian mining giant Vale in Beijing on Friday. It is a long-term one for transportation of iron ores, the Chinese firm said in a statement.

The release said COSCO Shipping would for the next 27 years carry annually about 16 million tonnes of iron ore to China from Vale’s mines. The financial value of the deal was not disclosed.

“The signing of the agreement marks the commencement of a new chapter of the co-operation between the two companies,” the Chinese firm said.

News agency Reuters reported earlier this month China imported 155.8 million tonnes of iron ore in the first two months of 2016, representing a 6.4-percent rise from the previous year. Brazil and Australia are the two main sources of Chinese iron ore imports.