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Investing.com -- The Batista brothers’ Brazilian holding company J&F SA has hired Citigroup Inc. to sell a minority stake in its LHG Mining unit, according to Bloomberg, citing people familiar with the matter.
J&F has already received several non-binding offers from potential strategic partners including large miners, private equity funds, traders and steel mills, one of the sources said, requesting anonymity because the discussions are private.
The company expects to finalize the transaction in the first quarter of 2026. A key condition for the deal is that the stake must be sold to foreign partners rather than local industry players. The size of the stake will depend on the proposals and valuations received.
LHG Mining, which focuses on iron ore and manganese, operates two mines in Mato Grosso do Sul state in central Brazil that it acquired from Vale SA in 2022. The company also owns its own port facility.
The mining business is part of the Batista brothers’ conglomerate that includes meat supplier JBS NV. LHG plans to invest approximately 4 billion reais ($750 million) to expand production to 25 million tons, with new processing plants expected to begin operations by 2030.
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