The Government of Venezuela has signed three cooperation agreements worth $470m with Chinese firms to increase iron ore production and transportation of Ferrominera del Orinoco.

The government has signed a $200m agreement with Wisco International Resources Development for purchase of machinery to promote technological improvements in Ferrominera del Orinoco, reports Agencia Venezolana de Noticias.

Wisco will supply machinery such as mining trucks, parts for drilling machines, roller mills for mineral processing and spare parts for railways and locomotives.

Under the second agreement, worth $161m, a Chinese firm will carry out expansion activities at the Port of Palúa in San Félix, along with improvement of rails, hoppers and freight elevators.

The government has signed a third agreement worth $161m with Communications Construction to dredge the navigation channel of the Orinoco River, and improve the navigability of the river and the transportation of iron produced by the iron ore industry.