{"id":99683,"date":"2026-08-20T18:43:11","date_gmt":"2026-08-20T21:43:11","guid":{"rendered":"https:\/\/murray.adv.br\/?p=99683"},"modified":"2026-08-20T18:43:11","modified_gmt":"2026-08-20T21:43:11","slug":"vale-weighs-no-cash-role-in-porto-sudeste-bid","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/vale-weighs-no-cash-role-in-porto-sudeste-bid\/","title":{"rendered":"Vale weighs no-cash role in Porto Sudeste bid"},"content":{"rendered":"<section class=\"content--header\">\n<div class=\"row content-head non-featured \">\n<div class=\"title\">\n<h6 class=\"content-head__title\" style=\"text-align: center\"><em><strong>Brazilian mining group could back BlackRock-owned GIP and Gerdau in bid for Rio de Janeiro iron ore terminal without taking an equity stake<\/strong><\/em><\/h6>\n<\/div>\n<\/div>\n<div class=\"content__signa-share\">\n<div class=\"content__signature\">\n<div class=\"content-publication-data\">\n<div class=\"content-publication-data__text\">\n<div class=\"content-publication-data__from\"><\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p class=\"content-publication-data__updated\"><time datetime=\"2026-08-20T07:43:08.949-03:00\">]08\/20\/2026\u00a0<\/time><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"content__share-bar-container\">\n<div class=\"content__share-bar\"><\/div>\n<\/div>\n<\/div>\n<\/section>\n<div id=\"mc-article-body\" class=\"mc-article-body ready cropped\">\n<article>\n<div class=\"no-paywall\">\n<div class=\"row medium-uncollapsed content-media content-photo\" data-block-type=\"backstage-photo\" data-block-id=\"0\">\n<div class=\"mc-column content-media__container\" data-image-display=\"normal\">\n<div class=\"content-media-container\" style=\"text-align: center\">\n<figure class=\"content-media__figure\"><img loading=\"lazy\" decoding=\"async\" class=\"content-media__image aligncenter\" src=\"https:\/\/s2-valorinternational.glbimg.com\/7cm46CHYXqu3pZmXaNa0DlcYDw4=\/984x0\/smart\/filters:strip_icc()\/i.s3.glbimg.com\/v1\/AUTH_63b422c2caee4269b8b34177e8876b93\/internal_photos\/bs\/2026\/Y\/E\/etF2UhSXm7Z7qUKaAlvw\/foto20emp-101-sudeste-b1.jpg\" alt=\"Porto Sudeste, in Itagua\u00ed, Rio de Janeiro, is seen as an attractive asset, but iron ore volumes remain below capacity \u2014 Foto: Divulga\u00e7\u00e3o\" width=\"487\" height=\"679\" \/><figcaption class=\"content-media__description\"><em>Porto Sudeste, in Itagua\u00ed, Rio de Janeiro, is seen as an attractive asset, but iron ore volumes remain below capacity \u2014 Photo: Divulga\u00e7\u00e3o<\/em><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mc-column mc-side-item__container\" data-block-type=\"ads\" data-block-id=\"1\"><\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"33\" data-block-id=\"2\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Vale is exploring a structure that would allow it to support a bid for Porto Sudeste, in Rio de Janeiro state, without making a direct cash investment in the acquisition, Valor has learned.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"35\" data-block-id=\"3\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">One option under consideration is a long-term take-or-pay agreement under which the Brazilian mining giant would guarantee minimum iron ore volumes for the terminal even if it did not fully use the capacity it contracted.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"38\" data-block-id=\"4\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Such a commitment would give Porto Sudeste greater revenue visibility, helping the prospective buyer value and finance the acquisition. The arrangement could also reduce potential antitrust concerns because Vale already operates port infrastructure in Itagua\u00ed, Rio de Janeiro.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"59\" data-block-id=\"6\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Under the structure being discussed, Vale would back the bid led by Global Infrastructure Partners (GIP), the infrastructure manager controlled by BlackRock, and Brazilian steelmaker Gerdau, without necessarily taking an equity stake in the terminal. No final structure has been agreed, and the volumes and duration of a potential contract remain under negotiation, people familiar with the talks said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"21\" data-block-id=\"7\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Vale initially participated directly in the consortium with GIP and Gerdau, which submitted one of two binding bids for Porto Sudeste.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"48\" data-block-id=\"8\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The other offer came from U.S. infrastructure investor I Squared Capital, which has sought to acquire port assets in Brazil in recent years without success. Its previous targets included Wilson Sons and CLI, or Corredor Log\u00edstica e Infraestrutura. I Squared already owns energy and data-center assets in Brazil.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"2\" data-block-id=\"9\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>Antitrust concerns<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"27\" data-block-id=\"10\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Vale\u2019s potential equity participation in Porto Sudeste has raised concerns among rivals and questions over the competition implications of the transaction, people close to the discussions said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"29\" data-block-id=\"11\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The Brazilian miner already controls significant port infrastructure for iron ore exports in Rio de Janeiro through the Ilha Gua\u00edba Terminal and the Companhia Portu\u00e1ria Ba\u00eda de Sepetiba terminal.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"25\" data-block-id=\"12\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Against that backdrop, participants in the sale process have been assessing whether Vale\u2019s acquisition of another terminal could draw scrutiny from Brazil\u2019s antitrust watchdog, Cade.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"28\" data-block-id=\"14\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Porto Sudeste serves iron ore producers in Minas Gerais, including companies without their own export infrastructure, and provides an alternative to terminals vertically integrated with large mining groups.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"52\" data-block-id=\"15\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Replacing an equity investment with a take-or-pay contract could reduce the competition risks associated with Vale taking a direct stake in Porto Sudeste. Even that arrangement, however, could still face Cade review depending on the length of the agreement, the volumes reserved for Vale and its impact on access for other miners.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"33\" data-block-id=\"17\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">One person familiar with the matter said that if the volume guaranteed to Vale were large enough, the competitive impact could effectively be the same as if the company held an equity stake.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"2\" data-block-id=\"18\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>Itagua\u00ed precedent<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"25\" data-block-id=\"19\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The debate echoes the controversy surrounding ITG-02, a new iron ore terminal at the Port of Itagua\u00ed in the same region of Rio de Janeiro.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"45\" data-block-id=\"20\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The site is known as the \u201c\u00c1rea do Meio,\u201d or \u201cMiddle Area,\u201d because it lies between terminals operated by Vale and CSN. Smaller miners that relied on vertically integrated infrastructure to ship their output had argued that the area should be made available to them.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"36\" data-block-id=\"21\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Brazil\u2019s waterways regulator, Antaq, had proposed restricting the participation of certain companies in the auction. In 2024, however, the Federal Court of Accounts (TCU) ruled that such a restriction would require a prior opinion from Cade.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"36\" data-block-id=\"22\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The limitation was removed, and the antitrust authority ultimately did not issue a ruling on the matter. Vale and CSN did not take part in the auction, which was won by Cedro Participa\u00e7\u00f5es, the only bidder.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"2\" data-block-id=\"23\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>Port capacity<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"24\" data-block-id=\"24\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Located in Itagua\u00ed, Porto Sudeste can handle about 50 million tonnes a year and is licensed for a future expansion to 100 million tonnes.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"32\" data-block-id=\"25\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The terminal handled a record 27.8 million tonnes in 2025, up from 21.9 million tonnes a year earlier. Part of its unused capacity could be filled by a future agreement with Vale.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"45\" data-block-id=\"26\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Mubadala Capital and commodities trader Trafigura have been discussing a sale of the asset since at least 2024. The process also includes Minera\u00e7\u00e3o Morro do Ip\u00ea, owner of the Ip\u00ea and Tico-Tico mines in Minas Gerais. The sellers aim to complete the transaction this year.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"17\" data-block-id=\"27\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Industry sources describe Porto Sudeste as an attractive asset, citing strong long-term demand potential and dollar-denominated revenue.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"30\" data-block-id=\"28\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Still, they point to its current dependence on iron ore shipments, Morro do Ip\u00ea\u2019s importance in filling the terminal and volumes that have fallen short of earlier expectations as drawbacks.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"2\" data-block-id=\"30\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>Earnings pressure<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"15\" data-block-id=\"31\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">More recently, the company reported weaker-than-expected results that still require further explanation, market sources said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"38\" data-block-id=\"32\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Porto Sudeste do Brasil posted net revenue of R$2.7 billion in the first half of this year, down 22% from a year earlier. Its loss widened to R$1.4 billion from R$285 million in the same period last year.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"34\" data-block-id=\"33\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Stonepeak, which had been evaluating the acquisition alongside Australia\u2019s M Resources, has dropped out of the process and did not submit a binding bid. Its withdrawal has already been formally communicated to the sellers.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"23\" data-block-id=\"34\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">A person close to the transaction said the infrastructure manager had not been viewed as one of the leading contenders for the asset.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"28\" data-block-id=\"35\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Asked for comment, Vale reiterated a statement released on April 30 saying it evaluates investment opportunities in the ordinary course of business in line with its strategic priorities.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"41\" data-block-id=\"36\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The company added that capital-allocation decisions go through a rigorous assessment process and follow its policies and governance rules. Vale also said it would keep the market informed of any material developments arising from such opportunities or related to its business.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"8\" data-block-id=\"37\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Mubadala, Trafigura and I Squared declined to comment.<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\">*By\u00a0Fernanda Guimar\u00e3es\u00a0and\u00a0Ta\u00eds Hirata\u00a0\u2014 S\u00e3o Paulo<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\">Source: Valor International<\/p>\n<p>https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Brazilian mining group could back BlackRock-owned GIP and Gerdau in bid for Rio de Janeiro iron ore terminal without taking an equity stake &nbsp; &nbsp; &nbsp; ]08\/20\/2026\u00a0 Porto Sudeste, in Itagua\u00ed, Rio de Janeiro, is seen as an attractive asset, but iron ore volumes remain below capacity \u2014 Photo: Divulga\u00e7\u00e3o Vale is exploring a structure [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[27099],"class_list":["post-99683","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-vale-weighs-no-cash-role-in-porto-sudeste-bid"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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