The Brazilian miner, Vale, and Apollo Resources Corporation have established a joint venture in relation to Vale Oman Distribution Center (VODC), whereby Apollo will pay $600 million for a 50 percent participation in the project.
Apollo is a privately held company focused on iron projects in Brazil.
The company owns 56,290 acres of mineral rights for iron distributed in six projects. Four projects are located in the southeastern state of Minas Gerais, one in the northeastern state of Alagoas, and one in the central-western state of Mato Grosso do Sul.
VODC operates a marine terminal in Sohar, Oman, along with a deep waters terminal and an iron ore blending and distribution center with a 40 million mt of annual capacity.
Vale will remain as the sole owner of the Vale Oman Pelletizing Company (VOPC).
Subject to the usual regulatory approvals, the deal is expected to conclude during the second half of 2024.