São Paulo – Brazilian mining giant Vale reported on Tuesday (6) it sold part of its distribution business in Middle East state Oman. The company entered into a joint venture between Vale Oman Distribution Center (VODC) and Apollo Global Management, an asset management firm based in the United States.
Apollo will pay a total consideration of USD 600 million and will hold a 50% stake in the joint venture entity. VODC operates a maritime terminal in Sohar, Oman, with a large deep-water jetty and an integrated iron ore blending and distribution center with a nominal capacity of 40 million tons per year.
Brazil’s Vale’s pelletizing company
The miner said closing is expected for the second half of 2024, subject to customary regulatory approvals. Vale will continue to hold 100% of Vale Oman Pelletizing Company (VOPC), whose output reaches 9 million tons per year.
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Translated by Guilherme Miranda
