Vale and CCCC sign MoU to build flat mill in Brazil

Thursday, 23 May 2019 22:03:13 (GMT+3)   |   Sao Paulo

Brazilian miner and iron ore producer Vale along with China Communications Construction Company (CCCC) signed a memorandum of understanding (MoU) to build a flat rolling mill in Marabá, in the Brazilian state of Pará, Vale said on Thursday.

Under the terms of the MoU, Vale will issue bonds to finance the project, which will be built by Concremat, the local subsidiary of CCCC. Vale did not disclose a timeline for the mill to be built nor a financing amount the project would require.

“The MoU reinforces Vale's commitment and strengthens the support to our license to operate in the state of Pará, in line with the strategic pillar of creating a new pact with society and focusing on becoming a local economic development enabler,” the company said.

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