https://newsletter.mw.creamermedia.com
Mining|PROJECT|Steel
Mining|PROJECT|Steel
mining|project|steel

Vale takes full control of Baovale iron-ore project

7th February 2025

By: Reuters

  

Font size: - +

SAO PAULO - Brazilian miner Vale confirmed on Thursday it has bought the 50% stake in its Baovale tie-up previously owned by its Chinese partner Baoshan Iron & Steel, known as Baosteel, a move that gives Vale full control of the iron-ore project.

The Baovale joint venture was established by the Brazilian mining giant and Baosteel in 2001 to run the Agua Limpa mine in Brazil's Minas Gerais state. The venture included a purchase option allowing for the possibility of Vale acquiring the stake owned by Baosteel.

Last year, Vale informed Baosteel that it sought to exercise the purchase option, the Brazilian miner said in a statement. It added that the purchase deal with Baosteel has been signed, but did not disclose how much it paid for the stake.

The transaction must still be approved by Brazil's antitrust watchdog CADE.

Earlier on Thursday, newspaper Valor Economico reported that in last year's third quarter, Vale disclosed a value of 135-million reais ($23.4-million) for the 50% stake.

Edited by Reuters

Comments

 

Showroom

ESAB showroom image
ESAB South Africa

ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...

VISIT SHOWROOM 
Immersive Technologies
Immersive Technologies

Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Resources Watch
Resources Watch
8th May 2025

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.15 0.231s - 127pq - 2rq
Subscribe Now