Cosan's $4B Vale stake buy tops metals, mining M&A for week ended Oct. 7

A deal for a stake in Brazilian mining giant Vale SA emerged as the highest-valued transaction in the metals and mining space during the week ended Oct. 7, according to a screener on S&P Capital IQ Pro.

Brazil-based conglomerate Cosan SA completed its acquisition of a 4.9% stake in Vale for $4.04 billion. Cosan plans to increase its interest to 6.5%, pending approval from Brazil's competition authority.

South African miner Harmony Gold Mining Co. Ltd. will buy the Eva copper project in Queensland, Australia, for $230.0 million from Vancouver, British Columbia-based Copper Mountain Mining Corp.

China's Sichuan Road & Bridge Co. Ltd. agreed to purchase Australia-listed Danakali Ltd.'s 50% stake in the Colluli potash project in Eritrea in a $166 million transaction.

Copper-gold miner SolGold PLC will acquire the issued share capital of Cornerstone Capital Resources Inc., its joint venture partner in the Cascabel project in Ecuador, in a transaction valued at $99.4 million.

Rounding out the top five transactions of the week, Nickel Asia Corp. completed its $25.9 million acquisition of a 5.625% stake in Coral Bay Nickel Corp. from majority shareholder Sumitomo Metal Mining Co. Ltd.

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