Key Developments: Vale SA (VALE.N)
15.45USD
10:54am EDT
$-0.49 (-3.07%)
$15.94
$15.50
$15.56
$15.37
1,800,168
4,116,646
$21.88
$15.37
Latest Key Developments (Source: Significant Developments)
Vale SA Obtains Operation License for Ponta da Madeira Port Terminal
Vale SA announced that it has received an environmental license for operation (LO), issued by the State Secretary of Environment (SEMA) for the Ponta da Madeira (PDM) port terminal in the state of Maranhao, Brazil. The license refers to all the new parts of the port. Full Article
Vale SA Pays First Tranche of the FY 2013 Minimum Dividend
Vale SA announced that its Board of Directors approved today the payment of the first installment of the fiscal year 2013 minimum dividend to shareholders amounting to USD 2.250 billion (BRL 4,452,750,000.00), equivalent to USD 0.436607084 (BRL 0.864045420) per outstanding common or preferred share (5,153,374,926). Vale SA's Executive Board proposal for the dividend to be paid to its shareholders in 2013, publicly disclosed on January 28, 2013, established a minimum amount for the year of USD 4 billion, equivalent to USD 0.776190372 per outstanding common or preferred share, to be paid in two installments, on April 30 and October 31, 2013. Full Article
Vale SA Obtains Operation License for Pier IV
Vale SA announced that it has received an environmental license for operation (LO), issued by the State Secretary of Environment (SEMA) for the Pier IV maritime terminal of Ponta da Madeira in the state of Maranhao, Brazil. The license refers to the onshore and offshore sections of Pier IV. Full Article
Vale SA's Board Proposes Dividend
Vale SA announced that the board has approved and will submit to the Board of Directors the proposal for payment of the first installment of the minimum dividend of USD2.250 billion, as publicly announced on January 28, 2013, equal to USD0.436607084 per common or preferred share in circulation, as of February 28, 2013. The payment of dividend will be made on April 30, 2013. Full Article
Vale SA Suspends Force Majeure on Coal Shipments in Mozambique
Vale SA announced that it suspended force majeure (FM) declared on February 15, 2013 on a number of its coal sales contracts. High rainfall since early February 2013 in Tete, Mozambique, has created serious challenges to the Linha do Sena railway, thus impacting the transportation of its coal products. The Company estimated a loss of approximately 500,000 metric tons in metallurgical coal shipments. Full Article
Vale SA Acquires 12.47% Stake in Suzano Papel e Celulose SA in Consortium
Vale SA announced that through the exercise of the preference right referred to in the contract for the establishment of Capim Branco consortium, it has acquired a 12.47% stake of Suzano Papel e Celulose SA in the capital of hydroelectric plant Capim Branco I and II Full Article
Vale SA Approves and Completes Agreements to Sell a Portion of the Gold By-Product Stream
Vale SA announced that after approvals from its Board of Directors, it has completed definitive agreements with Silver Wheaton Corp. (SLW), a Canadian company traded on the TSX and NYSE, to sell 25% of the payable gold by-product stream from the Salobo copper mine for the life of the mine and 70% of the payable gold by-product stream from certain Sudbury nickel mines for 20 years. The initial consideration of USD 1.9 billion shall be received within the 10 business following March 1, 2013. In addition to the initial cash payment, Vale SA will receive 10 million warrants of SLW with a strike price of USD 65 and a 10-year term. Vale SA will also receive future cash payments for each ounce (oz) of gold delivered to SLW under the agreement, equal to the lesser of USD 400 per oz (plus a 1% annual inflation adjustment from 2016 in the case of Salobo) and the prevailing market price. Full Article
Vale SA Declares Force Majeure on Coal Shipments in Mozambique
Vale SA announced that it has declared force majeure (FM) on a number of its coal sales contracts on February 15, 2013. The Company communicating with customers as required under its agreements with them. High rainfall since early February 2013 and continuing over the last few days in Tete, Mozambique, has created serious challenges to the Linha do Sena railway, thus impacting the transportation of its coal products. So far, the Company estimates a loss of approximately 250,000 metric tons in metallurgical coal shipments. It will disclose further information related to the evolution of these events until the situation has been normalized. Full Article
Silver Wheaton Corp Enters Into Binding Term Sheet With Vale S.A's Subsidiary To Acquire Gold Streams From Salobo Mine
Silver Wheaton Corp announced that it has entered into a binding term sheet to acquire from a subsidiary of Vale S.A. (Vale) an amount of gold equal to 25% of the life of mine gold production from its Salobo Mine, located in Brazil, as well as 70% of the gold production, for a 20-year term, from certain of its Sudbury Mines located in Canada. The Company will pay Vale total cash consideration of USD1.90 billion, plus 10 million Silver Wheaton warrants with a strike price of USD65 and a term of 10 years. USD1.33 billion will be paid for 25% of the gold production from Salobo, while USD570 million will be paid for 70% of the Sudbury gold production. In addition, Silver Wheaton will make ongoing payments of the lesser of USD400 (subject to a 1% annual inflation adjustment from 2016 for Salobo) and the prevailing market price, for each ounce of gold delivered under the agreement. Production will accrue retroactively to Silver Wheaton as of January 1, 2013. Silver Wheaton has entered into an agreement with Scotiabank and BMO Capital Markets as Joint Lead Arrangers and Co-Bookrunners securing a commitment to underwrite two new credit facilities: a USD1 billion revolving credit facility having a 5 year term; and a USD1.5 billion bridge financing facility having a 1 year term. These facilities will replace the existing USD400 million revolving credit facility. Full Article
Vale SA Announces Acquisition Of Belvedere Coal Project From Aquila Resources Limited
Vale SA announced that it has entered into agreements to complete a purchase option exercised by Vale in June 2010, by which it will acquire an additional 24.5% stake in the Belvedere coal project (Belvedere) from Aquila Resources Limited (Aquila). The purchase price of AUD150 million (USD156 million using AUD/USD of 1.04) is equivalent to the fair market value recently determined by a third party expert engaged by Vale and Aquila. As an outcome of this transaction, Vale will increase its participation in Belvedere to 100%. Vale also agreed to settle Belvedere litigation and disputes with Aquila for AUD20 million (USD21 million). Full Article
Miners Vale, Rio Tinto accused of neglecting displaced Mozambicans
MAPUTO - Human Rights Watch accused Mozambique's government and foreign mining companies on Thursday of "serious shortcomings" in resettling communities to make way for coal mines, leaving thousands without proper homes, food or sources of income.
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