It seems Vale won’t comment if it still has an agreement with Glencore to sell its metallurgical-grade manganese ore outside of Brazil; the original deal was for five years and that ended this month. Since the agency agreement the value of the ore has increased substantially.
The question arose after Ferroglobe purchased Glencore’s two manganese smelters in Europe and agreed to supply all of Ferroglobe’s manganese operations with more. When Vale sold the two European plants to Glencore, the agency deal was part of the contract. Vale has refused to comment.
Glencore paid Vale $160-million in November 2012 for Dunkirk and Mo I Rana. At the time of the deal, Glencore said:
“This is the first time that Glencore has expanded into manganese production, strengthening our marketing offer as well as complementing the department’s existing production of other ferroalloys.The acquisition of these operations will add further value to Glencore as the company continues to grow its ferroalloys business. Both operations are strategically well placed in the European ferroalloys market, providing Glencore with an even stronger platform to meet the needs of its customers on the Continent, as well as in other countries.”