08:03 | Lima, Jul. 09 (ANDINA).
Brazilian mining giant Vale said it has concluded the sale of minority stakes in the Bayovar project in Peru, through the newly-formed company MVM Resources International B.V. that controls and operates the project, to The Mosaic Company and Mitsui & Co., Ltd.
The company sold 35% of the total capital of MVM to Mosaic, a company listed on the New York Stock Exchange, for US$ 385 million and 25% to Mitsui, a company listed on the Tokyo Stock Exchange, for US$ 275 million.
Vale retains control of the Bayovar project, holding a 51% stake of the voting shares and a 40% stake of the total capital of the newly-formed company.
Bayovar is a phosphate rock project located in Sechura, department of Piura, Peru, which consists of an open-pit mine - with an expected production capacity of 3.9 million metric tons per year - and a maritime terminal. Start-up is expected to take place in the next few weeks.
"The alliance of Vale, Mosaic and Mitsui in this new venture creates significant shareholder value by providing Bayovar with access to technical expertise, guaranteed product off-take and enhanced product distribution capabilities," Vale said.
"This transaction is in line with our strategy to become a leading global player in the fertilizer business, with the development of a large world-class value creation platform through a combination of acquisitions, joint-ventures and organic growth," it added.
For his part, Mosaic's President and Chief Executive Officer Jim Prokopanko said "we are pleased to close this transaction that advances our strategic objective to secure our phosphate rock supply."
(END) INT/EEP/LVT
Publicado: 9/7/2010