Vale pockets $1.1bn from Norway sale
Vale, the world's biggest iron ore miner, is continuing with its strategy of divesting its non-care assets.
Vale, the world's biggest iron ore miner, is continuing with its strategy of divesting its non-care assets.
Boosted by higher iron ore prices, profits for the world's second-largest mining company jumped by 114%.
Roots of the expected tie-up go back to 2006.
Government officials in Brazil’s northeastern Sergipe state say the miner will likely start output from a $4 billion potash project by 2017.
Prices are expected to remain above $100 a tonne, but "the extra supply will make prices less volatile and unlikely to repeat spikes seen previously".
The Brazilian miner is considering more non-core asset sales by the end of the year... and it is also working on a secret, "surprising" deal.
With iron ore freight rates soaring, lifting the ban on Vale's mega-carriers could be a game changer.
Vale's profit fell 84% in the second quarter, mainly due to depreciation in the local currency and lower iron ore sales, the miner's key commodity.
China's largest private shipyard and a Korean fleet owner-operator of Vale's giant ore carriers face bankruptcy.