Market Chatter: Vale Still Weighing Investment in Eurasian Resources Group Brazil Mine

MT Newswires Live08-02

Vale (VALE) is still considering an investment in Eurasian Resources Group's Brazilian mine project but hasn't yet found a cost-effective way to proceed, Bloomberg News reported Friday, citing Chief Financial Officer Marcelo Bacci.

Bacci said the ore reserves are not enough alone to justify the infrastructure spend the project would require, particularly for railway construction. "We still haven't been able to come up with an equation that makes this calculation work," he said.

He added that making the project viable would also require transporting cargo other than just iron ore, and Vale would only move forward if other partners were involved.

The Bamin project, located in Bahia, would require around 30 billion reais ($5.40 billion) to expand mining operations, build a port, and complete a 527-kilometer railway, according to the report.

Vale and Eurasian Resources Group didn't immediately reply to MT Newswires' requests for comments.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.

Price: 9.74, Change: +0.21, Percent Change: +2.20

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