Paranapanema Unloads Amazon Mine

Brazilian miner Paranapanema has agreed to sell its 100% stake in Mineracao Taboca to Serra da Medeira Participacoes, a unit of Peruvian miner Minsur, for BRL850m. The offloading of the asset is part of a reorganization of Paranapanema finances. In August, Paranapanema sold BRL920m in 2010 and 2019 convertible bonds as part of a 2006 asset restructuring agreement with creditors, in which it needed to sell convertibles or shares this year. Taboca operates an open-pit mine in the Amazon region extracting tin, iron and other metals. Earlier this year, Vale had been rumored to be considering the acquisition of Paranapanema’s Caraiba and Cibrafertil units.