Brazilian iron ore giant Vale has announced the finalization of an agreement to buy for $145 million the iron ore mining and surface rights owned by the Brazilian miner Mineração Apolo, located in the Rio Acima and Caete districts of the Brazilian state of Minas Gerais.
The agreement which was finalized on April 30 covers 1.1 billion mt of iron ore resources and will allow the company to expand its exposure to the iron ore business and obtain potential operational synergies in the Iron Quadrangle region.
In February 2005, Vale had signed an agreement for the purchase of the right to research and to acquire the assets of Sociedade Mineração Apolo S.A., at a cost of $9.3 million.