Brazil's Vale Interested In Potassium-Mining Co Mosaic -Estado
July 16 2009 - 9:07AM
Dow Jones News
Brazilian mining mammoth Vale SA (VALE) is looking at further
acquisitions of potassium assets, the Estado news agency reported
Thursday.
Citing market sources, Estado said Vale was targeting Mosaic Co.
(MOS), which is controlled by Cargill Inc. and IMC Global Inc.
(IGL).
Vale on Thursday declined to comment on the company's alleged
interest in Mosaic.
Mosaic is valued at $25 billion, Estado said; it is the world's
largest phosphates producer and one of the world's largest
potassium-mining companies.
Earlier this year Vale paid around $850 million for
potassium-mining assets in Argentina and Canada.
Vale Chief Executive Roger Agnelli has previously said Vale is
interested in developing its potassium-mining business to provide
for Brazilian agriculture's large and growing appetite for
fertilizers.
According to the Estado report, Vale's global mining rival BHP
Billiton Ltd. (BHP) is also likely to compete for Mosaic.
-By John Kolodziejski, Dow Jones Newswires; 55-21-2586-6086;
john.kolodziejski@dowjones.com