July 12, 2012 / 11:26 AM / 8 years ago

BTG, former Vale head to invest $500 mln in miner venture-report

SAO PAULO, July 12 (Reuters) - Brazilian investment bank BTG Pactual will provide most of a $500 million investment to form a new mining company with Roger Agnelli, the former chief executive of mining giant Vale , newspaper Estado de S. Paulo reported on Thursday.

Agnelli will run the operation and bring along options to buy mining projects for Chilean copper and Brazilian titanium, phosphate and potassium, the paper reported, without citing sources.

Agnelli is also negotiating the purchase of copper and iron ore projects in Angola with partners there, Estado added.

Press representatives for the companies could not be reached immediately for comment. An announcement is expected later in the day.

The new venture answers questions about the future of Agnelli, who helped turn Vale into the world’s largest iron ore miner, but was forced out of the company in 2011 under government pressure.

Under Agnelli’s leadership, Vale became the world’s second largest mining company, with iron ore production jumping more than 80 percent and its stock soaring more than 1,200 percent.

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