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The chief executive of Vale SA said on Thursday the Brazilian iron ore miner is not looking into a near-term spinoff for its base metals, and the company later said the unit needs to be “transformed” before that longstanding plan can be carried out.
“We are not talking about a spinoff yet. The problem here is the size of the business,” said Eduardo Bartolomeo, Vale’s chief executive officer, as part of the Financial Times’ Mining Summit.
Vale had a longstanding plan to sell the unit that was still being considered as recently as April of this year. The plan had first been developed in 2014, postponed to 2015, and then the idea was temporarily abandoned.
The base metal unit would include its Sudbury operations. Vale became the world’s biggest commercial producer of nickel after taking over Inco in 2006 for about $19 billion.
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