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:
Press relations
Investor relations Héloïse Rothenbühler Tel: +33 (0)6
Connor Lynagh 45 45 19 67
Tel: +1 (713) 409-7842 heloise.rothenbuhler@vallourec.com
connor.lynagh@vallourec.com (mailto:heloise.rothenbuhler@valloure
(mailto:connor.lynagh@vallourec.com) c.com)
Individual shareholders relations
Toll Free number: 0 805 65 10 10
actionnaires@vallourec.com
(mailto:actionnaires@vallourec.com)Â