Vale Offers $1.12bn to Acquire Metorex

11 April 2011 (Last Updated April 11th, 2011 18:30)

Vale has made an offer to buy the total share capital of Metorex (Metorex) for a total value of R7.52bn ($1.12bn). Metorex assets include Chibuluma mine in Zambia, which has an estimated copper capacity of 18,600t a year in concentrates and 3.5 million tons of proven and probable reser

Vale has made an offer to buy the total share capital of Metorex (Metorex) for a total value of R7.52bn ($1.12bn).

Metorex assets include Chibuluma mine in Zambia, which has an estimated copper capacity of 18,600t a year in concentrates and 3.5 million tons of proven and probable reserves of copper.

The assets also include the Raushi mine in Democratic Republic of Congo, which consists of hydrometallurgical SX-EW plant, with estimated capacity of 36,000t of copper and 4,500t of cobalt a year.

Three more Metorex projects are in development and exploration phases.