IN BRIEF (Page 14)

ECE buys Brazil iron ore miner

East China Mineral Exploration and Development Bureau (ECE) agreed to pay $1.2 billion for Brazilian iron ore miner Itaminas Comercio de Minerios, Reuters reported.

Both companies signed a letter of intent on Wednesday, the report said. Itaminas, based in Minas Gerais state in southeast Brazil, produces 3 million metric tons of iron ore annually and has estimated reserves of 1.3 billion tons.