Former Vale CEO to start mining investment company in early-2012

Wednesday, December 28, 2011

Brazilian mining giant Vale's (NYSE: VALE) former CEO Roger Agnelli has created a financial company in Brazil called AGN to invest in energy, logistics and mining.

"AGN will have three units to focus on fuel production from biomass, ports, and medium-scale mining in Brazil and Africa," Agnelli was quoted as saying by news service Exame.

The new firm aims to invest shareholders' money in companies and projects related to areas widely known by Agnelli. After 10 years as head of Vale, one of the largest commodity firms in the world, he is an expert in energy, mining and logistics.

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Agnelli also emphasized that he will not become involved in any business that could represent competition to Vale. "Iron ore and aluminum are out of the question."

The exectutive will partner with Jair Ribeiro, Banco Indusval's co-CEO, Exame said.

Another rumored partner is businessman Alfredo de Goeye, founder of Sertrading, one of the largest foreign trade companies in Brazil, with sales of 1.6bn reais (US$860mn) in 2010.

The firm will start operating at the beginning of next year, the report said.