A consortium led by China Investment Corp is negotiating a potential acquisition of a portion of Brazilian mining company Vale SA’s future iron ore output, Chinese state-run newspaper China Daily reported last week.

The media outlet quoted sources familiar with the matter as saying the investment could be for as long as 30 years. A US$9-billion up front cash payment from the sale could be paid to Vale if the two parties reach an agreement, the newspaper added, quoting one of those sources.

Talks were still going on and no agreement had been reached, the news report noted.

According to China Daily, Vale’s president and chief executive, Murilo Ferreira, raised in February the possibility of the company selling some key assets.