Mining company Vale has signed an agreement for the establishment of a joint-venture with Vale Fertilizers for the exploitation of the concession of the Ultrafertil Port Terminal (Terminal Portuário da Ultrafertil – TUF) in Santos, on the coast of the State of São Paulo. The TUF handles imported cargo of sulfur, ammonia and fertilizers in general, and is strategically connected to the Vale railway network.
Vale shall have a participation of 51% in the joint venture, acquired with the payment of R$ 150 million to Vale Fertilizers and also an injection of funds totaling R$ 432 million into the joint-venture, to finance the plan for investment in the terminal. According to a reliable source, the formation of the joint venture puts Vale in a position to competitively serve the growth of agribusiness in Brazil. At the same time, the investment in the TUF strengthens the logistics infrastructure of the fertilizer business, contributing to make its expansion feasible over the next few years.
In this way, the transaction has the potential to add value to our shareholders.
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