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Vale signs JV for port concession

Vale has announced that it has signed an agreement to form a joint venture with its subsidiary Vale Fertilizantes S.A. to exploit the concession of the maritime terminal, Terminal Ultrafertil (TUF), located near Santos, in the state of São Paulo.
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The maritime terminal handles imported cargo such as sulphur, ammonia and fertilisers in general, being strategically linked to Vale’s railway system.

Vale will pay R$ 150M (US$ 95M) for the acquisition of 51% of the joint venture and will invest R$ 432M (US$ 274M) to finance the investment programme of TUF, it said.

“The joint venture positions Vale to meet the growth of agribusiness in Brazil, while contributing to enhance the logistics infrastructure for our fertiliser business paving the way for its expansion over the next few years,” Vale said in a statement.

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