A Brazilian court has annulled the acquisition of Ferrous Resources by local miner and iron ore producer Vale, at the same time it established a specific “condition” for the deal to move forward.
According to a court document obtained by SteelOrbis, the judge demanded that Vale present an environmental compliance plan, which should be approved by Brazilian Federal government. The judge said the Brazilian Attorney General Office (AGU) should oversee the process.
Vale announced in December 2018 it acquired Ferrous Resources for $550 million. Ferrous Resources operates iron ore mines near Vale’s operations in Minas Gerais state.