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UK-South African mining firm Anglo American will integrate the Serra da Serpentina iron ore resource, owned by Brazilian producer Vale, into its nearby Minas Rio operations in Brazil.
The deal, expected to concluded by this year's fourth quarter, has Vale contributing the Serra da Serpentina operations and $157.5mn in cash to acquire a 15pc shareholding in the enlarged Minas Rio. Anglo American will continue to control, manage and operate Minas Rio, including any future expansions.
Serra da Serpentina has an estimated resource of 4.3bn t. Minas Rio's pellet feed ore production was 24mn t in 2023, up by 12pc from a year earlier.
Vale will receive its pro rata share of Minas Rio production with completion of the deal. It will also have an option to acquire an additional 15pc stake in the enlarged Minas Rio for cash, if and when certain events relating to a future expansion of Minas Rio occur. Argusmedia
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