ArcelorMittal buys Brazilian iron mine

0 Comments | AFP, August, 2008

PARIS (AFP) — Global steel giant ArcelorMittal said Wednesday it had acquired an iron mine in Brazil for about 810 million dollars (550 million euros), expanding its access to the metal as prices soar.

The company, the world's biggest steel producer, said it bought the London Mining Brasil iron ore mining operation in the eastern state of Minais Gerais for around 764 million dollars from London Mining, listed in Oslo.

Under the deal, ArcelorMittal also takes on loans worth 46 million dollars, bringing the total price it pays for the venture to 810 million, it said in a statement announcing the deal on Wednesday.

It said London Mining Brasil covered areas estimated to have more than a billion tonnes of iron ore.

The mine is aiming to expand its ore...