February 3, 2011
Vale has acquired a 70% stake in Biopalma da Amazonia, a Brazilian palm oil
Vale has acquired a 70% stake in Biopalma da Amazonia, a Brazilian palm oil company, for $173.5, Vale and Biopalma have been part of a consortium to produce palm oil since April 2009, according to the Brazilian mining company. That consortium has now been dissolved, it says. Biopalma will start production in 2011 and expects to produce 500,000 tons of oil annually by 2019. Palm oil is a raw material used to make biodiesel. The companies did not disclose financial advisors.