Brazilian mining giant Vale , the world's largest producer of iron ore, said on Thursday that it had signed a joint venture agreement for concession rights of the Ultrafertil port in Brazil's southeast, according to a regulatory filing, Reuters reports.Vale will pay 150 million reais ($96 million) to its Vale Fertilizantes unit for a 51 percent stake in the port project and will pump in 432 million reais to fund investments in the port.
Cargoes of sulfur, ammonia and fertilizers move through Ultrafertil, a private terminal under concession at the Santos port, Latin America's largest, Vale said in the filing. Santos is located in the state of Sao Paulo.
"The joint venture positions Vale to meet, in a competitive way, the growth of agribusiness in Brazil," the filing read. The port investment "strengthens the infrastructure and logistics of the fertilizer business, helping make its expansion more viable over coming years."
Cargoes of sulfur, ammonia and fertilizers move through Ultrafertil, a private terminal under concession at the Santos port, Latin America's largest, Vale said in the filing. Santos is located in the state of Sao Paulo.
"The joint venture positions Vale to meet, in a competitive way, the growth of agribusiness in Brazil," the filing read. The port investment "strengthens the infrastructure and logistics of the fertilizer business, helping make its expansion more viable over coming years."