Vale is seeking to acquireSouth African copper producer, Metorex, for $1.125 billion. The Brazilian mining multinational company’s offer has been backed by investors holding about 25% of the Johannesburg-based company’s capital.
The offer is conditional on Vale securing approval from at least 75% of Metorex’s shareholders. Metorex has two operating mines - Chibuluma in Zambia, in which it holds an 85% stake, and Ruashi in Congo, in which it owns a 75% share.
Click here for the release from Vale.