VANCOUVER (miningweekly.com) – Brazilian diversified major Vale will retain a stake in the TIPLAM port terminal, in southeast Brazil, under terms of an adjusted $2.5-billion deal with The Mosaic Co to sell certain of its fertiliser assets.
Vale advised on Tuesday that the sale of Vale Fertilizantes to Mosaic is now expected to close on or about January 8.
Among the final adjustments made to the terms and conditions of the transaction, include retaining an equity interest in the TIPLAM port – formerly included in the transaction – and Vale will receive about $1.15-billion plus 34.2-million shares of Mosaic, representing 8.9% of Mosaic’s total capital after issuance of the shares, upon closing.
The is in step with Vales strategy to deleverage and simplify its asset portfolio. The acquisition is set to open the door for Mosaic to access Brazil’s massive agricultural markets.