Vale looking to raise $10B through Chinese streaming deal
Vale (NYSE:VALE) is getting more creative in its debt-reduction plans, by bolstering cash flow through a metal streaming arrangement with Chinese companies.
Vale (NYSE:VALE) is getting more creative in its debt-reduction plans, by bolstering cash flow through a metal streaming arrangement with Chinese companies.
It produced 86.82 million tonnes of iron ore in the April-to-June period, down 2.8% from a year earlier.
A cash-and-stock deal is said to be the favourite option at this point, though the parties are also discussing other alternatives.
Companies still face another much bigger civil action over November's deadly tailings dam burst at its Samarco iron ore mine in Brazil.
Eight executives will also face charges, although the police did not disclose their names.
Federal investigators claim Vale modified official documents detailing the chemical composition and concentration of the mineral waste spilled.
Hydro and Brazilian mining company Vale has ended negotiations on the possible acquisition of Vale's 40 % interest in Brazilian bauxite producer Mineracao Rio do Norte (MRN).
Shares in mining giants tumble after civil suit in Brazil claims $43 billion in damages based on clean-up costs associated with BP's oil spill in the Gulf.
Civil suit demands over $2 billion upfront and also targets Brazil's federal, state governments over deadly dam burst at jointly-owned Samarco iron ore mine.