Mining News
Vale says it got offers for minority stake in base metals unit
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)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
