Vale to Take 30% Stake in Brazil's Ligga in US$190 Million Iron Ore Deal

Vale's Capital Contribution and Offtake Commitment

Vale S.A. has agreed to acquire a 30% minority interest in Ligga S.A., a Brazilian mining company that operates the Ferro Sul iron ore mine at Parauapebas and Curionópolis in the Carajás region of Pará, through a capital contribution of about US$190 million. As part of the same agreement, Vale would purchase 100% of Ligga's sinter feed iron ore under a long-term exclusive contract, meaning the fine ore used by steel mills to form blast-furnace feed would flow exclusively to Vale once the transaction closes.

Regulatory Disclosure and Pending Approvals

The Vale Ligga iron ore stake was confirmed on 22 September 2026 through a market notice issued after the Brazilian securities regulator CVM and the B3 stock exchange questioned why the deal had not been announced earlier. Vale stated in the notice that it did not treat the agreement as a material fact under CVM Resolution No. 44/2021 and reported seeing no unusual moves in its share price or trading volume. The deal has not closed and still requires corporate and regulatory approvals.

Ferro Sul Expansion Plans

Ligga is aiming to lift Ferro Sul's capacity from about 2 million tonnes a year to 8 million tonnes a year from June 2028. Because Vale's investment is structured as a capital contribution, the funds flow into Ligga itself rather than to existing shareholders and are intended to help finance that expansion.

Next Reporting and Approval Milestones

The transaction remains contingent on corporate and regulatory clearances, with no closing date specified in the disclosures reviewed. Investors are likely to watch for any updated market notice from Vale, any CVM or B3 determination on disclosure status, and subsequent production guidance tied to Ferro Sul's targeted 8 million tonne annual capacity from June 2028.