CVRD and Belgo sign leasing contract for Andrade Mine

CVRD and Belgo sign leasing contract for Andrade Mine

According to the statement released by Brazilian mining company Companhia Vale do Rio Doce (CVRD), the company has signed a leasing contract with Brazilian steel producer Belgo Mineira for the lease of Andrade Mine for 40 years. As previously reported by SteelOrbis, memorandum of understanding (MoU) regarding the lease contract was signed between the two companies at the end of June. In line with the recent deal, CVRD will acquire the operations of the Andrade Mine on January 1, 2005. Moreover, the company will explore the mine, which is expected to create an additional source of iron ore.