Vale increases stake in Belvedere
Rio de Janeiro, June 1, 2010 – Vale S.A. (Vale) informs that it has acquired an
additional 24.5% stake in the Belvedere coal project (Belvedere) for US$ 92 million
from AMCI Investments Pty Ltd (AMCI). As an outcome of this transaction, Vale
increased its participation in Belvedere to 75.5% from 51.0%.
Belvedere is an underground coal project, in the southern Bowen Basin region, near
the city of Moura, in the state of Queensland, Australia. According to our preliminary
estimates, once it is fully developed Belvedere has the potential to reach in the
future a production capacity up to 7.0 million metric tons per year of coking coal.
The price for this transaction was settled before the announcement by Australian
government of the project to create the Resource Super Profits Tax to be imposed
on mining companies.
Investment in the coal business is an important part of Vale’s growth strategy. Vale
has coal operating assets and a portfolio of exploration projects in Australia and
Colombia, and minority interests in two joint ventures in China. Vale is also
developing the Moatize project in Mozambique and has mineral exploration
initiatives in several other countries.
For further information, please contact:
Noel Herley 0418 794 525
+55-21-3814-4540
NEWS 
