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Financial News: VALE: Company Denies Rumor About Negotiations To Buy

VALE: Company Denies Rumor About Negotiations To Buy CSN's Iron Ore Mine

08/06/2017 - 17:21:00 (RTTNews)

(RTTNews) - The Brazilian mining company Vale denied a rumor that it was negotiating with Companhia Siderúrgica Nacional (CSN), a local steelmaker, to buy the Casa de Pedra iron ore mine.

"There is no deliberation within the administration boards of the company of a potential acquisition of Casa de Pedra mine," said Vale in a statement. "Additionally, we inform that there is no ongoing discussion, and never was, to acquire assets from CSN."

O Globo newspaper reported, based on unnamed sources, that Vale and CSN were studying a partnership that involved purchasing a stake or creating a joint venture with Congonhas Minérios, a CSN subsidiary that operates Casa de Pedra and Engenho e Pires mines, both in Minas Gerais state.

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