Hong Kong-based Honbridge Holding Limited has signed an official agreement with Brazil-based Votorantim Novos Negocios (VNN) for the acquisition of 100 percent of Brazilian miner Sul Americana de Metais (SAM) for a price of $390 million.
Honbridge Holding Limited is to provide a $35 million loan to SAM in five installments over one year to complete resource confirmation and mineral tests.
SAM holds a total of 85 exploration rights, mainly for iron ore, locating in Minas State and Bahia State, covering a total area of about 1,220 square kilometers.