Vale confirms 30% stake in Ligga iron ore mine via $190 mln deal

Brazilian mining giant Vale S.A. has confirmed an agreement to acquire a 30% minority interest in Ligga S.A., a fellow Brazilian iron ore miner, through a capital contribution of approximately $190 million, according to the company's market notice released on September 22.

The notice followed queries from Brazil's securities regulator CVM and stock exchange B3 over why the transaction had not been disclosed to investors after a local media outlet reported the investment. In response, Vale argued in the notice that the acquisition did not constitute a material fact requiring disclosure, given