China-based Anyang Iron and Steel Group announced that it plans to buy the 25 percent stake held by Brazilian miner Vale in China-based joint venture Anyang Yu Vale Yongtong Pellet Co. Ltd. (Anyang). The acquisition will be worth RMB 90 million ($14.11 million).
Following the transaction, Anyang Steel’s stake in Anyang Yu Vale Yongtong Pellet will increase from 75 percent to 100 percent and the joint venture will become a wholly-owned subsidiary of the company.
Anyang’s iron ore processing plant has an annual production capacity of 1.2 million mt of iron ore pellets.
Meanwhile, Vale also has a 25 percent stake in another iron ore pelletizing plant in China, Zhuhai YPM Pellet Co. Ltd.