巴西淡水河谷(Vale)和英澳矿商必和必拓(BHPBilliton)与日本和中国钢厂签署的协议，标志着已有40年历史的年度价格基准体系和漫长价格谈判的结束。
The deal by Vale of Brazil and Anglo-Australian BHP Billiton with Japanese and Chinese mills marks the end of the 40-year-old benchmark system of annual contracts and lengthy price negotiations.
2005年3月，巴西矿业公司淡水河谷获得了一份开采合同，并开始为这家铁矿石公司提供可行性报告研究，因为环境原因这项工作很复杂。
In March 2005, Brazilian miner Vale secured an exploration contract and began work on feasibility studies for an iron ore mine — a complex undertaking due to environmental concerns.
话虽如此，2008年，可能是来自巴西利亚的不满促使淡水河谷终止了有关收购斯特·拉塔(一家瑞士矿业公司)的谈判。
That said, displeasure in Brasilia may have nudged Vale into ending negotiations to take over Xstrata, a Swiss mining firm, in 2008.
但本案的焦点在产业集中上：根据2008年的数据，力拓-必和必拓合资企业将一跃超过巴西淡水河谷(Vale)，位居全球海运铁矿石业之首，占据全球35%以上的份额。
But here the issue is concentration: on 2008 figures, the Rio-BHP venture would leapfrog over Vale of Brazil to take the top spot and amount to more than 35 per cent of global seaborne iron ore trade.
但本案的焦点在产业集中上：根据2008年的数据，力拓-必和必拓合资企业将一跃超过巴西淡水河谷(Vale)，位居全球海运铁矿石业之首，占据全球35%以上的份额。
But here the issue is concentration: on 2008 figures, the Rio-BHP venture would leapfrog over Vale of Brazil to take the top spot and amount to more than 35 per cent of global seaborne iron ore trade.
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