CVRD takes over MBR

After incorporating Caemi last year, now Vale do Rio Doce will incorporate Mineradoras Brasileiras Reunidas (MBR), assuming 100% of the company and buying the participations of the Japanese groups, announced Vale in a note.


In this business, Vale will spend  this year US$ 291.3 million, being US$ 230.8 million to buy the participations of Mitsui, SMI and Sumimoto in Empreendimentos Brasileiros de Mineração S.A (EBM), a type of holding of MBR, increasing its participation from 80% to 86,24%.


At the same time, it signed another agreement concearning  EBM’s stocks of property of the also Japanese NSC, JFE, Itochu, Marubeni, Mitsubishi, Kobe and Nissin, that represent 13.75% of the total capital of EBM. This agreement will transfer to Vale, in the next 30 years, all the rights and obligations of the actions of EBM, plus dividends. Besides paying this year US$ 60.5 million to the seven partners, the mining company will pay US$ 48.1 million a year during the 30 years of validity of the agreement, or US$ 1.4 billion.


With this negotiation, Vale can use terminals and other assets common to the companies, capturing synergies of US$ 500 million, as the company evaluated. Since 2003, when it acquired Caemi, Vale had the project of buying the part of the Japanese in EBM / MBR, but there existed the partners´ resistance, because they didn´t want to lose their ore quotas in MBR. With the agreement, they guarantee them for 30 years.


In another note, the second largest mining company of the world, whose market value arrived the US$ 97 billion yesterday, announced the signature of 25 year freight contract with Bergesen Worldwide (B.W. Bulk), the largest world owner of great bulk ships, besides being an important service lender for steel industries and mining companies.


The contract involves the construction of four great bulk ships with capacity of 388 thousand tons each that, according to the Vale note, the largest in the world. The first of these ships should begin to operate in the first semester of 2011. These actions will contribute to reduce the cost of the marine freight of Vale ore to China.



At present, Vale leases the B.W.Bulk’s largest bulk ship for ore, Berge Stahl, with 364 thousand tons. She takes ore in the port of Itaqui, in Maranhão, to the consuming markets, with prominence of Asia. The company still has a 20 year-old agreement to build a bulk ship of 300 thousand tons with Nippon Yusen Kaisha (NYK) Japan, with delivery foreseen for 2011. And in 2008, an oil tanker converted in bulk ship by B.W. Bulk, as other agreement, will already begin to transport Vale ore to China, allowing a better programming of the deliveries to that market. Vale revoked its decision of selling its three Capesize ships.


The prices of the freight from Brazil to China have been following an upward trend since July 2006. In November, they reached US$ 33 in the average. This year, they shot up starting from March, when they crossed the barrier of the US$ 45, arriving the US$ 46.95. In April they reached US$ 52 per ton, according to available market data.

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Fonte: Valor Econômico

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