Vale grants buying option for new iron ore deposit in Brazil
Publicado em: 26/11/2009 14:57:00
Avanco Resources said Thursday it has struck a deal with Vale that could be worth US$ 40 million, providing the Brazilian giant miner an option to buy its Trindade North iron ore deposit in the Carajás Mineral Province, in Pará state. Vale will have to drill at least 2.5 kilometers at the site and committed to make yearly payments while prospecting and studying the area, also paying royalties for any iron ore found.