Brazilian miner iron miner Vale has acquired the remaining 50 percent stake in Baovale, a Brazil-based joint venture (JV) between itself and Chinese steelmaker Baosteel, for an undisclosed amount, according to media reports.
The JV in question was established back in 2001 to exploit the Agua Limpa iron mine in the Minas Gerais state of Brazil. As a result of the acquisition, Vale’s iron ore production and export capacity is expected to expand. The acquisition is subject to the approval of the Brazilian competition authority CADE.
In 2024, Vale produced 328 million mt of iron ore, exceeding its production target of 310-320 million mt for the year.
