Rio Verde Minerals Development Corp. has been acquired by B&;A Fertilizers Limited, a wholly-owned subsidiary of B&;A Mineração S.A.
The two international companies based in Brazil have had a strong focus in fertilizer discovery and development in Brazil.
The Rio Verde shares are expected to be formally delisted from the Toronto Stock Exchange shortly, following the filing of certain final documents. Rio Verde Minerals Development Corp. has been a publicly traded company focused on the exploration and development of fertilizer projects in Brazil.
The company's goal as a free-standing company was to become the leading Brazilian fertilizer mining and development company "by selecting prime assets that are near infrastructure, with known mineralization, in regions without significant social or environmental issues. It is anticipated that the best projects that have been fast-tracked for development will continue under the new merged ownership.
"Rio Verde holds one potash project and a portfolio of phosphate projects in Brazil. Potash and phosphate fertilizers have favorable supply and demand dynamics, and Rio Verde has a significant cost advantage by being based in Brazil, a country that imports about 90 percent of its potash and 50 percent of its phosphate needs, the announcement of merger noted.
As for B&;A Mineração S.A., it is a Brazilian mining company focused on the exploration and development of iron ore, potash, phosphate and copper assets in Brazil, Latin America and Africa. The company is a partnership between AGN Agroindustrial and Projetos e Participações Ltda. It was founded by Roger Agnelli former CEO of Vale S.A. and BTG Pactual Brazil's largest independent investment bank, with a market capitalization of $13.3 billion.
The merger announcement contends the growth of the company builds "on BTG's financial expertise and Mr. Agnelli's extensive experience in mining, and that "B&;A is an innovative global mining company. Eduardo Ledsham is CEO of B&;A. He reportedly has "close to thirty years of experience in the natural resources industry.