Former Vale CEO joins with BTG Pactual in new mining venture

Friday, 13 July 2012 01:42:19 (GMT+3)   |  
       

News reports Thursday indicated that investment bank BTG Pactual and ousted former Vale CEO Roger Agnelli have collaborated to create a new $520 million mining venture, B&A Mineracao. B&A will be based in Sao Paulo, Brazil and will be owned equally by the two parties. Agnelli will serve as Chairman while Eduardo Ledsham, another former Vale executive, will be B&A's CEO. Six other former Vale executives will also join the new venture. The executives anticipate the company to be fully operational within three to five years.

Already, B&A has projects in Brazil and Chile and plans to look for possible acquisitions in Africa. The executives anticipated that with a number of mining projects available globally but minimal capital at many companies, B&A has a major opportunity to develop and be successful.


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