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Brazilian holding firm J&F Investimentos is in superior talks to purchase Vale’s (NYSE:VALE) manganese and iron mines in Mato Grosso do Sul state for ~1B reais ($215M), Reuters reported Wednesday.
Newspaper Valor Economico reported Tuesday that J&F, guardian firm of meatpacker JBS (OTCQX:JBSAY), and pulpmaker Eldorado Brasil, had agreed to amass the property for 1B reais together with debt.
Vale mentioned final week it was negotiating the sale of the businesses that compose its Heart-West system because it appears to be like to deal with core companies, with out revealing the potential purchaser.
“Vale has an ideal alternative to be the first ore and mineral provider for a lot of the west,” Sandis Weil writes in a bullish evaluation posted on Searching for Alpha.
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