Wisco has signed a long-term contract that may allow the mill to exercise its pre-emptive rights to accept or reject iron ore supplies as part of the expanded project owned and developed by Venezuela Mining Group, a sole iron ore producer in Venezuela whose capacity this year would reach 23 million tons. The deal will not only mitigate the pressure of COA freight routes from Brazil, but free the Chinese buyer from its global obligations tied up with the worlds three largest iron ore suppliers, as the pact this time has, for the first time, stipulated a Chinese-dominated price.