Vallourec receives necessary approvals to commence its Phase 1 mine extension project in Brazil
July 02 2024 - 12:32AM
Vallourec receives necessary approvals to commence its Phase 1 mine
extension project in Brazil
Vallourec receives necessary
approvals to commence its Phase 1 mine extension
project in Brazil
Meudon (France), July 2, 2024 –
Vallourec, a world leader in premium tubular solutions, announces
that it has received the necessary approvals from the state
environmental authority (COPAM) and federal mining regulator (ANM)
to progress the first extension phase of its Pau Branco iron ore
mine. The mine, located in the state of Minas Gerais, Brazil,
provides raw materials for Vallourec’s vertically-integrated tube
production process and diversifies the Group’s earnings streams via
external iron ore sales.
The Phase 1 project will extend the Pau Branco
mine’s life, improve its reserve quality, and enhance its
profitability. After this successful approval process, the capital
investment related to the Phase 1 extension activities will begin
on schedule. Vallourec therefore reiterates its expectations of a
successful start-up of the Phase 1 extension in late 2024.
In-line with prior communication, Vallourec
expects the Phase 2 mine extension to be completed in 2027.
Vallourec management is currently engaging with state and national
authorities to obtain the required production and environmental
permits for Phase 2.
Throughout its daily operations and the
progression of these new projects, Vallourec prioritizes safety and
environmental responsibility above all.
“With these extensions, the Pau Branco mine will
continue to support our Tubes business and our customers. These
high-return, rapid payback projects will also contribute to
Vallourec’s financial performance and maximize the value generated
by our Brazilian asset base. Our implementation process is fully
focused on safety, environmental protection, production efficiency
and respect for all of our stakeholders,”, says Philippe Guillemot,
Chairman of the Board and Chief Executive Officer of the Vallourec
Group.
About Vallourec
Vallourec is a world leader in premium tubular
solutions for the energy markets and for demanding industrial
applications such as oil & gas wells in harsh environments,
challenging architectural projects, and high-performance mechanical
equipment. Vallourec’s pioneering spirit and cutting edge R&D
open new technological frontiers. With close to 15,000 dedicated
and passionate employees in more than 20 countries, Vallourec works
hand-in-hand with its customers to offer more than just tubes:
Vallourec delivers innovative, safe, competitive and smart tubular
solutions, to make every project possible. Listed on Euronext in
Paris (ISIN code: FR0013506730, Ticker VK), Vallourec is part of
the CAC Mid 60, SBF 120 and Next 150 indices and is eligible for
Deferred Settlement Service. In the United States, Vallourec has
established a sponsored Level 1 American Depositary Receipt (ADR)
program (ISIN code: US92023R4074, Ticker: VLOWY). Parity between
ADR and a Vallourec ordinary share has been set at 5:1.
For more information, please
contact:
Investor relationsConnor LynaghTel: +1 (713)
409-7842connor.lynagh@vallourec.com |
Press relations Héloïse Rothenbühler Tel: +33 (0)6
45 45 19 67heloise.rothenbuhler@vallourec.com |
Individual shareholders relationsToll Free number:
0 805 65 10 10actionnaires@vallourec.com |
|
- PR_Mine_Expansion_EN_final