Brazillian mining giant Vale SA (Vale) has announced that it acquired an additional 24.5 percent stake in the Belvedere coal project (Belvedere) for US$92 million from AMCI Investments Pty Ltd (AMCI). As an outcome of this transaction, Vale has increased its participation in Belvedere to 75.5 percent from 51 percent.
Belvedere is an underground coal project, in the southern Bowen Basin region, near the city of Moura, Queensland, Australia. According to preliminary estimates, once it is fully developed Belvedere has the potential to reach in the future a production capacity up to 7 million metric tons per year of coking coal.
The price for this transaction was settled before the Australian government's announcement of its plan for a Resource Super Profits Tax to be imposed on mining companies, Vale said.