Brazilian miner and iron ore producer Vale announced last week it sold a 36.4 percent stake it had in Brasileiras Reunidas (MBR) for BRL 4 billion (US$1.2 billion).
According to the company, an investment fund owned by Brazilian private bank Bradesco will acquire the asset, which consists of mines and logistics services, which were responsible to produce 65 million mt of iron ore in 2014.
In a statement, Vale said the deal reinforces the company’s “commitment to preserve its financial strength, especially in this moment as it completes the largest investment program in its history.”
After the deal is completed, Vale will own a 61.9 percent stake of the MBR.