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Vale bids $1.13bn for Metorex

Mineweb | April 8, 2011 | 3:46 pm Africa Latin America

Brazil’s Vale (VALE5.SA: Quote), the world’s largest producer of iron ore, has made an offer to acquire South African miner Metorex Ltd (MTXJ.J:Quote) for 7.5 billion rand ($1.13 billion), the two companies said on Friday.

“Under the terms of the offer, if implemented, the Metorex shareholders will receive a cash consideration of 7.35 rand per share,” the companies said in a joint statement.