Honbridge Holdings Limited acquires Brazilian iron ore mine with $ 390 million

Tuesday, 20 April 2010 17:32:41 (GMT+2)

Hong Kong-based Honbridge Holding Limited has signed an official agreement with Brazil-based Votorantim Novos Negocios (VNN) for the acquisition of 100 percent of Brazilian miner Sul Americana de Metais (SAM) for a price of $390 million.

Honbridge Holding Limited is to provide a $35 million loan to SAM in five installments over one year to complete resource confirmation and mineral tests.

SAM holds a total of 85 exploration rights, mainly for iron ore, locating in Minas State and Bahia State, covering a total area of about 1,220 square kilometers.

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