【Ferro-alloys.com】:Brazilian mining titan Vale and Anglo American signed an agreement related to the former’s Serra da Serpentina project and the latter’s Minas-Rio iron ore complex.

"This agreement will provide room for the companies in the future to count with more expansion potential and even more access to high-quality iron ore, demand for which will increase in the coming years in light of reducing emissions of steel mills around the world," Valdir Farias, CEO of mining consultancy Fioito, told BNamericas.

Vale will contribute Serpentina's high-grade iron ore resources and a supplemental cash disbursement of US$158mn to Anglo American and in exchange gain the option to assume a stake in Minas Rio.

"Following completion of the transaction, Vale will receive its pro rata share of Minas Rio production. Additionally, Vale will have an option to acquire an additional 15% stake in the enlarged Minas-Rio for cash if and when certain events relating to a future expansion of Minas-Rio occur, including the receipt of the environmental license for the expansion following the completion of a pre-feasibility study and feasibility study," Vale said in a statement. 

• [Editor:Alakay]