Sugar giant Cosan mulls selling Vale stake on leverage woes
Cosan has a 4.1% interest in the iron ore producer.
Cosan has a 4.1% interest in the iron ore producer.
Speaking at the FT Mining Summit, chairman Mark Cutifani said Vale Base Metals could be valued at $40 billion.
In August, Vale named Gustavo Pimenta, currently chief financial officer of the firm, to the post.
CEO Mark Bristow says the miner has had the luxury of having an asset base to support organic growth well into the future.
In a securities filing, the company said the issue concerns the Forquilha III dam at the Fabrica iron ore mine.
Last year alone, Vale generated 48.5 million tons of iron ore tailings.
Last week, Reuters reported that Vale, BHP and their joint venture Samarco could soon reach such an agreement to pay around 100 billion reais.
The company slightly lowered its forecast for nickel output in 2024.
The Treaty Creek project hosts the Goldstorm deposit, a major gold-copper porphyry system.
Sources expect a final agreement to be reached in October.