Vale has focused on sales of better quality iron ore, mostly from its S11D project in Pará state, as demand for the cleaner and less polluting product rises in China, its main market.
The world’s No.1 miner had decided to offload Cerro Colorado mine in May last year, as part of chief executive Andrew Mackenzie’s bid to focus on large assets in commodities such as iron ore, copper and oil.
The Australian major has signed option and farm-in agreements for Cornerstone Capital Resources’ Miocene and Mirasol Mining's Gorbea properties, all of them in northern Chile.