Brazilian Vale Group acquired 30% of Oman's iron ore pelletting business from OQ (formerly Oman Oil Company), a company belonging to the Oman state. The agreement took place with the Oman government's foreign investment program. The agreement was reached because it was compatible with the strategy of expansion of the production of Vale in the Middle East.
The company was founded in 2007 under the auspices of Vale Oman, the joint venture of Vale SA and OQ. For many years, assets were distributed to 70 to 30. Now Vale has become the only owner of the plant with a capacity of 9 million tons of ore in the local port and a transfer terminal with a capacity of up to 40 million tons.
In the first 9 months of 2022, iron ore pellet production at all Vale facilities increased by 30.5 %compared to the same period of 2021 and was 7.23 million tons.
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