Recently sold its alumina and aluminum assets of Brazilian mining giant Vale plans to buy a copper company Paranapanema in order to become one of the largest producers of copper.

Vale plans to buy a 50% + 1 share of Paranapanema for 2.01 billion reais ($ 1.14 billion) by offering its shareholders 6.30 reais ($ 3.57) per 1 share. «This acquisition is part of Vale's strategy to develop copper projects», — stated in the Vale report. It is expected that the transaction will take place before 1 September of this year.

Paranapanema is a leading copper producer in Brazil. Its assets are the enterprises for the production of blister and refined copper.