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Mineracao Usiminas, the iron ore mining arm of Brazilian flat steel producer Usiminas, will pay much less than expected as the outstanding balance for three mines it purchased early in 2008.
A final payment of $100 million has been agreed by all the involved parties after long negotiations with former owner the J Mendes family, Usiminas ceo Wilson Brumer said in a conference call for investors and analysts on November 28.
Usiminas paid an initial $925 million for the three mines aeuro " Mineracao J Mendes, Siderurgica Oeste de Minas Gerais (Somisa) and Global Mineracao aeuro " in 2008. It expected to pay as much as $975 million more if drilling works confirmed reserves exceeding 1.4 billion tonnes of ore with an average Fe content of 47%.
aeuro oePart of the reserves...