Brazilian mining giant Vale (VALE5.SA)(RIO.N) said on Wednesday it had completed the acquisition of some coal assets in Colombia for $305.8 million.
The assets include a coal mine called El Hatillo, the Cerro Largo coal deposit, a minority stake a the Fenoco consortium that operates a railroad linking coal mines to a port, and the concession of the Rio Cordoba-SPRC port on Colombia's Caribbean coast.
All assets were bought from Cementos Argos S.A., Vale said in a statement.
Vale, which still gets most of its revenue from iron ore, is seeking to build a coal asset platform in Colombia, the world's third-biggest exporter of high-quality thermal coal.
Vale already has coal operations in Australia and is involved in two joint ventures in China that own a coal mine and a coke plant. The Brazilian company is also developing a large coal project in Mozambique.
(Reporting by Todd Benson; Editing by David Gregorio)© Thomson Reuters 2009 All rights reserved