Vitol enters $240 million iron ore prepayment deal with CSN Mining

Commodities trader Vitol has entered into a $240 million iron ore prepayment deal with CSN Mining International GmbH, a subsidiary of Brazil's CSN, marking its first multi-year financing in the metals sector.

Under the terms of the arrangement, Vitol will lift around six million metric tons of iron ore over a four-year period, it said in a statement on Monday.