Brazil's Vale in 'advanced talks' to sell midwestern iron ore district
Brazilian mining giant Vale said it is in advanced talks to sell the iron ore, manganese and logistics assets that form its midwestern system.
The company, which did not unveil the name of the party interested in the acquisition, said that the system produced a total of 2.7Mt of iron ore and 200,000t of manganese ore last year, contributing US$110mn to company's adjusted Ebitda.
"This divestment initiative is in line with the strategy of portfolio simplification and focusing on the main businesses and growth opportunities, guided by disciplined capital allocation. We will keep the market informed regarding the progress of the negotiations," Vale said in a statement.
The company's midwestern system is located in Mato Grosso do Sul state.
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