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Anglo American confirms talks with Vale over Serpentina iron ore project in Brazil

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(Kitco News) - Anglo American today confirmed that the company and Vale have had preliminary discussions about the potential to jointly develop Vale’s Serpentina iron ore resource that is contiguous to Anglo American’s integrated Minas-Rio iron ore operation in Brazil.

Earlier today, Vale said that the potential partnership is aiming to leverage from existing processing and logistics infrastructure at Minas-Rio and Vale’s operations.

However, Anglo American noted that these discussions are preliminary in nature and there can be no certainty that any agreement will be reached or, if any agreement is reached, on the terms or scope of any such agreement.

The Serpentina project is located in the municipalities of Conceição do Mato Dentro, Santo Antônio do Rio Abaixo and Morro do Pilar, in the state of Minas Gerais, and comprises mining rights contiguous to Anglo American's Minas-Rio operation.

Anglo American is a leading global mining company, a producer of diamonds (through De Beers), copper, platinum group metals, premium quality iron ore and metallurgical coal for steelmaking, and nickel. The company is committed to being carbon neutral across its operations by 2040.

According to Wikipedia, Vale S.A. is a Brazilian multinational corporation engaged in metals and mining and one of the largest logistics operators in Brazil. Vale, formerly Companhia Vale do Rio Doce, is the largest producer of iron ore and nickel in the world.

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