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Friday, February 24, 2012

Vale looks to Australia for iron ore

Friday, 24 Feb 2012

The Australian Financial Review reported that Brazil's Vale, the world's largest iron ore miner, is looking for investments in Australia to cut down on shipping costs to Asia.

The Brazilian ambassador to Australia, Mr Rubem Antonio Correa Barbosa told the newspaper that “Vale is trying to diminish this handicap by investing more in Australia and eventually being able to sell iron ore from Australia straight to China.”

But Vale's chief executive, Mr Murilo Ferreira, wouldn't specify where the company was looking. He said that “It is our duty to analyse all of the opportunities through junior companies.”

(sourced Businessspectator.com.au)

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