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‘JBS of Mining’ Goes from Paper to Reality: J&F Investments Finalizes Billion-Dollar Purchase of Vale’s Manganese and Iron Mines in Mato Grosso do Sul
According to IG Economics, J&F, the company that controls the multinational JBS – the largest meat producer in the world, has finalized a billion-dollar deal to buy iron and manganese mines from Vale in Mato Grosso do Sul. The transaction, worth about US$ 1.2 billion, marks the entry of the holding company owned by brothers Joesley and Wesley Batista into the mining sector.
The holding controlled by the Batista brothers already encompasses the pulp producer Eldorado, Banco Original, the payment institution PicPay, and Flora, which owns the cleaning brands Minuano and Assim.
With this transaction, the “JBS of mining” begins to become a reality, and this is expected to be just the “first step” for the global meat processing giant to become a player in this new sector.
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Vale indicated at the end of last week its portfolio simplification strategy, stating that it is in advanced negotiations to sell its iron ore, manganese, and logistics operations that make up the Central-West System. Also Read: If you want to know about a brief history of iron ore usage in the world
Corumbá Mine Produced 2.7 Million Tons of Iron Ore, the Main Raw Material for Steel Production, as Well as 200,000 Tons of Manganese
According to the mining company, last year, the Corumbá mine produced 2.7 million tons of iron ore, the main raw material for steel production, as well as 200,000 tons of manganese, used in several applications, including as ferroalloy used as input by steel mills.
Vale aims to focus on iron ore production in two regions: the South, in Minas Gerais, with operations in several mines and facilities for processing fines and iron pellets, and the North, in the vast Carajás reserve in the southern part of Pará State.
In this location, the company explores the giant S11D mine, which produces over 100 million tons per year.
However, regarding the transaction, Vale limited itself to reiterating Friday’s statement, while J&F did not comment on the matter.
J&F is the Majority Shareholder of the Eucalyptus Pulp Producer in Mato Grosso do Sul, Eldorado Brasil.
As mentioned above, it is important to note that, in addition to controlling the largest animal protein producer in the world, J&F is the majority shareholder of the eucalyptus pulp producer in Mato Grosso do Sul, Eldorado Brasil.
In this venture, where it owns 50.6% of the capital, for almost four years J&F has been involved in a legal dispute over the control of the pulp producer with partner Paper Excellence (PE).
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