MBL currently has the right to extract nearly 150 million metric tons (mt) of iron ore in the Serra Azul compound in Brazil. In an attempt to increase its access to the steelmaking ingredient used at its mills, Usiminas agreed to pay MBL at least $1.16 billion for 30 years of mining access to MBL's mines or until the resources are exhausted.
Usiminas inks 30 year iron ore mining deal
In a regulatory filing Thursday, Belo Horizonte, Brazil-based steelmaker Usiminas said that it has entered into an agreement to rent the iron ore mining rights of MBL Materiais Basicos for 30 years.