Energy and commodities company Vitol has entered a multi-year $240m prepayment arrangement with CSN Mining International for the offtake of six million tonnes (mt) of iron ore over the four years up to 2029.
CSN Mining is a subsidiary of the Brazil-based steel company Companhia Siderúrgica Nacional (CSN).
The prepayment deal reflects Vitol's broader objectives to diversify its portfolio and strengthen its foothold in the global mining and metals markets.
Vitol steel raw materials global head Derek Wilson stated: “CSN is one of South America’s leading steel and iron ore producers and has for some time been a valued customer of Vitol’s metallurgical coal and coke businesses.
“We are pleased to broaden the scope of our relationship with CSN through this long-term arrangement, which deploys Vitol’s financial, logistics and trading capabilities in the iron ore market. We look forward to expanding our presence in this important market and across the entire steelmaking value chain.”
In early July 2025, Vitol, alongside Breakwall Capital, a credit investment firm specialising in the energy sector, announced the creation of Valor Mining Credit Partners (VMP) to focus on structured credit investments in mining companies across the Americas.
VMP aims to concentrate on event-driven financing opportunities, including debt refinancing, acquisition funding and development capital.
The initiative is designed to offer flexible financial solutions to mining companies that can facilitate growth and enhance value for shareholders.
In November 2024, Japanese firm Itochu agreed with CSN to purchase a 10.74% stake in CSN Mineração for 4.42 billion reais ($769m).
The deal builds on Itochu's existing indirect 7.15% stake in the iron ore company, held since 2008.
