Brazil's AGN buys stake at Canadian phosphate miner
Publicado em: 28/06/2012 18:36:00
Brazilian firm AGN Agroindustrial, Projectos e Participações has acquired a 19.9% stake at Canada’s Rio Verde Minerals, a junior company that goes for fertilizer ingredients in the South American nation. The deal is worth about US$ 13 million and pays an 87% premium over Rio Verde’s closing price yesterday.
Rio Verde chief executive Stephen Keith described the deal as “a meaningful vote of confidence in Rio Verde and its fertilizer-focused projects in Brazil”. The company’s main asset is the Fosfatar project whose phosphate production is due to begin in 2013. On the flipside, AGN is owned by former Vale chief executive Roger Agnelli.