Vale lets go of Metorex

[miningmx.com] — METOREX said on Monday that it had been told by Brazil’s Vale that it would not submit a new offer to top a bid to acquire it by China’s Jinchuan Group.

It also said in a statement that it would pay Vale a R75.2m break fee to terminate the agreement. Jinchuan had added around 20% to the Vale bid for one of over $1.3bn for the JSE-listed copper and cobalt producer.