Mining giants Vale and Anglo American have started negotiations to open up new iron ore sites in Brazil.
The shared development would split the risks and costs of working Vale’s Serpentina iron ore field, the Brazilian miner said in a statement.
Vale noted the possibility before Christmas, with it also mulling the acquisition of a stake in Anglo’s neighbouring Minas-Rio project.
However, Vale added that: “There is no decision, agreement or commitment in this regard.
“The company clarifies that it has had preliminary discussions with Anglo American on the possibility to develop, through partnership, the mineral resources of the Serpentina project, held by Vale… [which] comprises mining rights contiguous to Anglo American’s Minas-Rio operation.”
The Brazilian miner added that the logistics infrastructure already in place at Anglo’s large Minas-Rio project was particularly desirable.
Though London-listed Anglo cautioned investors today that talks are still in their early stages.
Vale has been keen to develop the 120 square mile project Serpentina since 2007, however, iron ore fields are typically difficult to extract from.
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