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Brazilian miner signs $550M acquisition deal
Brazilian miner Vale has entered into a definitive agreement to buy Ferrous Resources Limited, a company that owns and operates iron ore mines closely located to Vale's operations in Minas Gerais, Brazil.
The acquisition is worth US$ 550 million and the transaction is expected to take place in 2019, Vale said in a statement.
“Ferrous Resources Limited currently owns and operates iron ore mines closely located to Vale's operations in Minas Gerais, Brazil,” according to the statement.
Vale says it occupies a leading position in the global production of iron ore, pellets and nickel.