Brazil's National Defense Council gave Brazilian mining company Vale (VALE) the go-ahead to acquire the Corumba iron ore mine owned by Rio Tinto PLC (RTP) and partners in Mato Grosso state, the company said after the market closed on Friday.

The acquisition is expected to cost around $750 million.

The Corumba plant produces around 2 million metric tons of iron ore.

-By Kenneth Rapoza, Dow Jones Newswires, 5511-2847-4541, kenneth.rapoza@dowjones.com