Steel do Brasil Participações announced two acquisitions on the mining sector for iron ore. The first contract is with Mhag Serviços e Mineração, and it expects to acquire at least 70% of capital, for US$ 245 million. The business can reach 100%. Collinggham Participações, from Noble group, will continue as a minority shareholder, with 30% of Mhag, in case of closing a new contract of iron ore supply with Steel. Otherwise, Steel will acquire 100% of Mhag by US$ 350 million.
According to the statement for the market delivered to the Securities Comission, Mhag mines are 120 km from the Rio Grande do Norte coast, where a port and a railroad will be developed. The company has the authorization to begin the installation of a mine to produce 1,2 million tons of iron ore per year, expected to start on the second semester of 2011. Mhag intends to achieve full capacity, of 16 million tons/year, by the end of 2012.
Still according to the statement, technical studies shows that Mhag has a potential of 3.5 billion tons of mineralized bodies detected by aeromagnetometria, by which 400 million tons were confirmed. Steel pretends to release the survey to prove extra results.
Another acquisition is from Mineracao Minas da Bahia (Miba), of at least 80% of the five billion tons of iron ore resources from the Jiboia Project, which were confirmed by survey campaign and by evaluation studies developed internally by the company, which are been technically audited by Golden Associates.
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According to the statement, Miba pretends to transport the iron ore through Leste-Oeste Railway, Bahia, to be built by the federal government. Steel and the actual managers of Miba will create a joint venture, of 50% each, to explore other assets from Miba on the north region of Minas Gerais. The value of the contract, for the Jiboia Project and the joint venture, is US$ 190 million.
Steel’s CEO and investor relations, Juarez Saliba de Avelar, who has worked for Vale and CSN, says on statement that the company will “substantially” upgrade its capital to conclude the acquisitions and bare the development of its activities by the next two years. Steel prevision is that the acquisitions will be documented in a 30-60 day period.
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