Brazilian mining giant Vale says it has reached an agreement to acquire all export coal assets of Colombia’s Cementos Argos SA for US$300m.
Companhia Vale do Rio Doce SA reported late Tuesday that the deal also includes Cementos Argos coal logistics assets, and that it has agreed to make an extra payment for the Las Cuevas deposit, which presents the highest potential for additional resources.
Vale is the world’s largest iron ore producer. Cementos Argos is one of the largest cement producers in Latin America and has cement, concrete and aggregates operations in the United States, Panama, Venezuela, Haiti and the Dominican Republic.
The announcement came less than 10 days after Vale president Roger Agnelli asked Brazil’s government to ease its tough labour laws as a way to avoid laying off workers amid the global economic crisis.