Vale SA aidincreased its shareholding in unit Minerações Brasileiras Reunidas SA to 98.3% by buying back 3.31 billion Brazilian reais of shares from Banco Bradesco BBI SA.

The unit produced about 59 million tonnes of iron ore in 2018, according to the Dec. 20 release.

Vale sold the 36.4% stake in 2015, raising about 4 billion reais in the transaction. The company retained a 61.9% interest as well as operational control of the subsidiary's mines and logistics assets, in exchange for a lease agreement until 2037.

As of Dec. 20, US$1 was equivalent to 4.08 Brazilian reais.