Vale and Anglo American have agreed to take a 15% stake in the Anglo-American group and form a partnership. Anglo American currently owns the resources of the Minas-Rio Integrated Operating Area and the Serbantina Ridge ore body (formerly owned by Vale) in Brazil. Anglo American will continue to control, manage and operate the Minas-Rio Integrated Operating Area, including any future expansion plans.
Vale Chief Executive Officer Andrew Berendal said: "As our customers accelerate their transition to low-carbon steel production models, we are delighted to be working with Anglo American to meet the growing demand for high-quality iron ore. The Minas-Rio Integrated Operating Area is a Tier 1 asset that will create significant synergies with the Serbantina Ridge ore body and Vale logistics facilities. We believe this partnership will unlock significant value for all of our stakeholders." We plan to allocate our share of high-quality pelletizing powder in this operating area to our pelletizing plant in Brazil and, in the future, to our 'mega hub' for the production of iron ore pellets."
Duncan Vanblood, Chief Executive Officer of Anglo American, said: "It is exceptional to be working with Vale to secure such a large and high-quality resource of high-grade iron ore near the Minas-Rio integrated operating area. In particular, given the physical synergies generated by our mining and processing infrastructure, we will create a single, optimised operating area with the option to use Vale's rail and port logistics facilities. The size and quality of the Serbantina Ridge ore body will bring significant value, including expanding the production of premium pellet powder for our customers in the steel manufacturing industry, who will focus on reducing the carbon footprint of their processes for decades to come. DRI (Direct Reduced iron) grade products from the Minas-Rio Integrated operating area will be sold in the most attractive growth areas of the industri hari ini."
Di bawah the terms agreed between the two parties, Vale will provide Anglo American with high-grade iron ore resources at Serbantina Ridge and $157.5m in supplementary cash, which will also be subject to changes in net debt and working capital at the closing date. Jika the average benchmark price of iron ore remains above US $100 / tonne or below US $80 / tonne for four consecutive years, Vale will pay to Anglo American or Anglo American will pay to Vale a purchase price adjustment in accordance with the agreed formula and not exceeding a certain cap. The closing of the transaction is subject to routine approvals by both companies and regulators and is expected in the fourth suku daripada 2024.
Upon completion of the transaction, Vale will receive a pro-rata share of production in the Minas-Rio Integrated operating area. In addition, Vale may also have the option to acquire an additional 15% equity interest in the expanded Minas-Rio Integrated Operating Area for cash, if events related to the future expansion of the Minas-Rio Integrated Operating Area occur, including secureing environmental approvals for expansion following completion of the Pre-feasibility Study (PFS) and Feasibility study (FS). The purchase price is calculated at fair value at the time Vale exercises its option.
Maklumat pos
Minas-rio is an integrated iron ore operation with a nameplate capacity of 26.5 million tonnes per annum of high-grade pellets, with the potential to expand to 31 million tonnes per annum in its current configuration. Located in the state of Minas Gerais, Brazil, the operation includes mines, plants, geotechnical engineering and a 529 km pipeline connecting the plant to the press filtration plant in Puerto Acu, Rio de Janeiro, Brazil. The Minas-Rio Integrated operating area will produce 24 million tonnes of iron ore in 2023 with a total EBITDA (earnings before interest, tax, depreciation and amortisation) of $1.4 billion. The Serbantina Ridge ore body is adjacent to the Minas-Rio Integrated Operating Area and has an estimated resource of 4.3 billion tons. The combination of these two resources will provide Vale with considerable expansion opportunities and the potential to double production, which Anglo American and Vale will evaluate under the terms of the transaction.
The expanded Minas-Rio Integrated Operating Area has the option of using the nearby Vale owned railway and Tubalang port to transport increased iron ore as an alternative to building a second pipeline to Anglo American's Acu port facility. Vale said that all feasible logistics solutions will be considered and evaluated during the pre-feasibility study phase. The existing Minas-Rio pipeline begins at the Minas-Rio Integrated Operating Area and its downstream passes through the Vale rail network, allowing a second, shorter pipeline to be connected to the Victoria-Minas railway to the port of Tubalang. The transaction does not include or affect Anglo American's 50 per cent interest in the Azu iron ore export facility.