Vale buys smaller rival Ferrous

Vale buys smaller rival Ferrous

M&A Brazil

Brazil's Vale said it has agreed to buy the local iron ore miner Ferrous Resources for $550m as it makes bolt-on acquisitions in regions where it already operates.  Ferrous produces roughly 4m tons of pellets per year from five iron ore mines near Vale's operations in the state of Minas Gerais and another operation in the state of Bahia.  "There will be significant savings form combining rail networks that were separate before," IR manager Carla Albano told LatinFinance, without detailing how mu

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