UPDATE 1-Brazil's Vale enters JV to expand Chinese port - filing

(adds details of the project)

SAO PAULO, Oct 9 (Reuters) - Brazilian miner Vale SA has teamed up with China’s Zhoushan Port Company Ltd to build and operate Project West III in the port of Shulanghu, according a securities filing on Friday, a strategic logistics alliance to serve the world’s largest iron ore importer.

Vale said it will have 50% of the JV, adding the port project expansion will demand multi-annual investments of about $624 million. Both partners plan to obtain financing for up to 65% of the project, the filing said.

The West III Project consists of expanding the facilities at the Shulanghu Port, developing a storage yard and loading berths with an additional capacity of 20 millions of metric tones per year (MTPa).

By participating in the project, Vale said it will guarantee a total port capacity of 40Mtpa in Shulanghu, which will help Vale to optimize costs in its value chain, according to the filing. (Reporting by Ana Mano; Editing by Toby Chopra)