BRAZIL — British mining giant Rio Tinto has completed the sale of its Corumbá iron ore mine in the state of Mato Grosso do Sul to Vale S.A. of Rio de Janerio for a cash consideration of US$750 million.
In 2008, Corumbá produced 2.0 million tonnes of iron ore, but Vale has announce plans to boost output to 15.0 million t/y. Such as project will cost more than US$2 billion, including US$1.5 billion for the purchase of barges to carry the ore down the Paraguay River. The Vale board has yet to approve the expenditure.
See either www.Vale.com or www.RioTinto.com for additional information.