Vale gets offers for stake in base metals unit
Vale would sell 10% of the unit worth around $2.5 billion, local newspaper reports.
Vale would sell 10% of the unit worth around $2.5 billion, local newspaper reports.
The JV will explore Serabi's Matilda prospect and other targets in the Tapajos region of Brazil, within its Palito Complex.
The agreement will focus on studies to build a factory to produce briquettes from Vale's high-grade iron ore through direct reduction.
The incoming chair of Vale's newly created base metals business said he wants to focus on margins and marketing.
Cutifani will join Jerome Guillen, a former Tesla executive, on Vale’s so-called energy transition board.
MRN is Brazil's largest bauxite producer and exporter.
It's taking a 30% stake in alumina refinery Alunorte and a 5% interest in bauxite producer Mineracao Rio do Norte, both in Para, Brazil.
First quarter net profit down 59% from a year earlier.
The company produced 66.77 million tonnes of iron ore during the first three months of 2023.
The mining giant has at least two very early-stage projects ongoing in the exploration stage after abandoning a third one.
The new Mining Power Rankings are live. Vote for the sector’s leaders in each of the Large-, Small-, and Micro-Cap leagues.