SAO PAULO, Feb 6 (Reuters) - Brazilian miner Vale announced on Thursday the acquisition of the 50% stake in its joint venture Baovale previously held by its Chinese partner Baoshan Iron & Steel, known as Baosteel, giving Vale complete ownership of the iron ore project.
Established in 2001, the Baovale joint venture between the Brazilian mining giant and Baosteel managed the Agua Limpa mine in Brazil's Minas Gerais state. The agreement included a buyout option for Vale to purchase Baosteel's stake.
Vale notified Baosteel last year of its decision to exercise the buyout option, according to a statement by the Brazilian company. While the purchase agreement has been finalized, the amount paid for the stake was not disclosed.
The acquisition is still subject to approval by Brazil's antitrust regulator, CADE.
Earlier the same day, newspaper Valor Economico reported that Vale had declared a value of 135 million reais ($23.4 million) for the 50% stake during the third quarter of last year.
($1 = 5.7758 reais)