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Anglo American in talks for potential Brazil project with Vale

·1-min read
At Minas Rio, an equipment instructor examines data relating to the height definition training simulator featured in the background (Anglo American)
At Minas Rio, an equipment instructor examines data relating to the height definition training simulator featured in the background (Anglo American)

FTSE 100 firm Anglo American has confirmed it has held preliminary discussions with Brazilian miner Vale about the potential to jointly develop the latter’s Serpentina iron ore resource.

Vale said the talks have been on the possibility “to develop, through partnership, the mineral resources of the Serpentina project, held by Vale, aiming to leverage from existing processing and logistics infrastructure at Minas-Rio and Vale’s operations”.

The Serpentina site is close to Anglo American’s Minas-Rio iron ore mine in Brazil, where the company is expected to produce up to 26 million tonnes of premium quality iron ore in 2022.

Vale also said: “The Serpentina project is located in the municipalities of Conceição do Mato Dentro, Santo Antônio do Rio Abaixo and Morro do Pilar, in the state of Minas Gerais, and comprises mining rights contiguous to Anglo American's Minas-Rio operation.”

Anglo American’s boss Mark Cutifani will retire from the firm in April next year and be succeeded by Duncan Wanblad. The company said: “These discussions are preliminary in nature and there can be no certainty that any agreement will be reached or, if any agreement is reached, on the terms or scope of any such agreement.”

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