Brazil's Vale 'Interested' In Continuing With Argentine Potash Project

Date : 05/03/2012 @ 10:44AM
Source : Dow Jones News
Stock : Vale S.A. American Depositary Shares Each Representing One Common Share (VALE)
Quote : 9.39  -0.18 (-1.88%) @ 6:36PM

Brazil's Vale 'Interested' In Continuing With Argentine Potash Project

Vale (NYSE:VALE)
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Brazilian mining company Vale SA (VALE, VALE5. BR ) is "interested" in continuing with its Rio Colorado potash project in Argentina, the company's chief executive officer Murilo Ferreira said Thursday.

The project is "important" for Vale to achieve its fertilizers-production targets, Ferreira told reporters at an event in Rio de Janeiro.

Last week, following the Argentine government's expropriation of part of an oil company, YPF SA, Ferreira said Vale was evaluating the project in view of Argentina's economic situation, where inflation has reached about 30% a year. The evaluation started before the expropriation occurred, he clarified.

Vale is also continuing to study with Brazilian state-owned oil producer Petroleo Brasileiro SA (PBR, PETR4.BR), or Petrobras , the possibility of developing projects of common interest to both parties, Ferreira said.

The areas of affinity may include energy and logistics, Petrobras said recently.

-By Diana Kinch, Dow Jones Newswires, Tel 55 21 7564 4495 diana.kinch@dowjones.com

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