News reports Thursday indicated that investment bank BTG Pactual and ousted former Vale CEO Roger Agnelli have collaborated to create a new $520 million mining venture, B&A Mineracao. B&A will be based in Sao Paulo, Brazil and will be owned equally by the two parties. Agnelli will serve as Chairman while Eduardo Ledsham, another former Vale executive, will be B&A's CEO. Six other former Vale executives will also join the new venture. The executives anticipate the company to be fully operational within three to five years.
Already, B&A has projects in Brazil and Chile and plans to look for possible acquisitions in Africa. The executives anticipated that with a number of mining projects available globally but minimal capital at many companies, B&A has a major opportunity to develop and be successful.