Rochester, NY 7/11/2009 4:27:16 AM
After Market - VALE - Agreement Between Vale S.A. and Intrepid Mines Limited - Sourced WhisperFromWallStreet.com
Companhia Vale do Rio Doce
After Market - VALE - Agreement Between Vale S.A. and Intrepid Mines Limited - Sourced WhisperFromWallStreet.com
VALE S.A. ADS,VALE
16.03 Down 0.09 (0.56%) 4:16PM ET
Intrepid Mines Limited (TSX:IAU)(ASX:IAU) ("Intrepid" or the "Company") is pleased to report the signing of a Heads of Agreement ("HOA") with Vale Exploration Pty Ltd, a wholly-owned subsidiary of Vale S.A (NYSE:VALE) ("Vale"), the world's second largest Mining Company, granting Vale an option to acquire rights to Intrepid's Tujuh Bukit sulphide copper-gold project in Indonesia (see map and "About Tujuh Bukit" below.) Under the terms of the HOA, Vale could earn a 60% shareholding in a joint venture company holding the rights to the Tujuh Bukit project by, amongst other terms, spending a total of US$40 million. Intrepid and its Indonesian alliance partner, PT Indo Multi Niaga ("PT IMN") would retain the remaining 40% interest in the sulphide copper-gold project, and would be free carried by Vale through to completion of a bankable feasibility study.
Last Trade: 16.12
Day's Range: 15.84 - 16.21
52wk Range: 8.80 - 32.30
Volume: 18,111,493
ABOUT
Companhia Vale do Rio Doce, through its subsidiaries, operates as a diversified metals and mining company worldwide. The company produces iron ore and iron ore pellets, nickel, manganese ore, ferroalloys, and kaolin. It also engages in producing bauxite, alumina, aluminum, copper, metallurgical and thermal coal, metallurgical coke and methanol, cobalt, potash, and other non-ferrous minerals, as well as precious metals, including platinum-group metals, gold, and silver. In addition, the company operates logistics systems in Brazil, including railroads, maritime terminals, and a port. Further, it engages in hydroelectric power generation and steel production. The company was founded in 1942 and is headquartered in Rio de Janeiro, Brazil.
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