Vale gets offers for stake in base metals unit

Reuters | May 18, 2023 | 2:55 pm Top Companies Canada Latin America Copper Iron Ore Nickel 
Vale evaluates offers for $2.5 million base metals unit
Vale’s open-pit mine and concentrator at Voisey’s Bay in Labrador, Canada. (Image courtesy of Vale.)

Brazilian miner Vale SA received binding offers for a stake in its base metal unit, local newspaper Valor Economico reported on Thursday, citing unnamed sources.

Vale would sell 10% of the unit worth around $2.5 billion, the newspaper reported, adding the binding offers are likely to be analyzed next Thursday by the company’s board.

Earlier this year, Vale said it expected an advance in its efforts to sell its stake to come in the first half of this year.

The company’s press office declined to comment.

(By Carolina Pulice and Peter Frontini; Editing by David Gregorio)

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