Anglo American PLC (LSE:AAL) said it is in talks with Brazilian mining colossus Vale about jointly developing the land next door to its Minas-Rio iron ore operation in the country.
The FTSE 100 diversified miner confirmed the preliminary discussions have taken place about “the potential” to develop Vale's Serpentina iron ore resource.
“These discussions are preliminary in nature and there can be no certainty that any agreement will be reached or, if any agreement is reached, on the terms or scope of any such agreement,” Anglo said in a statement.
Minas-Rio, which has produced 17,596k metric tonnes of iron ore in the three quarters of 2021 reported to date, is one of the largest iron ore mines in the world and has been one of the major growth projects for the company in the past decade.
Anglo owns 100% of the mine and 50% of the integrated port facility nearby.