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Vale says it got offers for minority stake in base metals unit

Kitco News

RIO DE JANEIRO, Jan 10 (Reuters) - Brazilian miner Vale SA said on Tuesday it has received offers for a minority stake in its base metals unit, as it seeks a strategic partner to help it capitalize on growing demand for metals in the electric vehicle market.

Vale has been seeking to unlock value from the unit, given expected demand for nickel and copper for the production of batteries for electric vehicles and other components related to the energy transition towards more electrification.

The company said the proposals are non-binding, but did not detail with whom it is negotiating. The Financial Times had earlier reported on the offers.

In December, Vale's executives had already said they were working to lure a partner that would buy a stake of up to 10% in its base metals business, still in the first half of 2023.

(Reporting by Marta Nogueira; Writing by Peter Frontini; Editing by David Gregorio)

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