Brazil-based miner Vale has announced that it has concluded the sale of a 36.4 percent stake in its Brazilian iron ore subsidiary Minerações Brasileiras Reunidas S.A. (MBR) to Fundo de Investimento em Participações Multisetorial Plus II (FIP Plus II) through the fulfillment of the conditions precedent necessary to the settlement of the transaction.
The amount received by Vale is R$ 4 billion ($1.06 billion), transferred in a single installment. Vale now owns 61.9 percent of shares in MBR.