Brazil’s iron ore giant Vale has agreed the terms of an offer to acquire, through a wholly-owned subsidiary, the total share capital of Metorex for an amount equivalent to $1,125 million in cash at current share prices. Metorex is a producer of copper and cobalt, with operations in the African Copperbelt and two operating mines – Chibuluma in Zambia, in which it holds an 85% interest, and Ruashi in the DRC, in which it holds a 75% interest.

Chibuluma has an estimated capacity of 18,600 t/y of copper contained in concentrates and proven and probable reserves of 3.5 Mt at 3.8% Cu. The Ruashi operations, which are also comprised of a hydrometallurgical SX-EW plant, have an estimated capacity of 36,000 t/y of copper cathodes and 4,500 t/y of cobalt, based on proven and probable reserves of 22.2 Mt at 2.4% Cu. In addition, Metorex has three projects in the DRC, one in the development phase and two in the exploration phase. In 2010, Metorex produced 51,569 t of copper and 3,622 t of cobalt, while its gross revenue reached $432 million.