After several years of deliberations, iron ore giant Vale SA is finally laying out a path for unlocking value from its nickel and copper business as demand for the so-called battery metals picks up.
The Rio de Janeiro-based firm will separate the base metal assets from its iron ore operations and unveil a strategic partner in the first half of next year, Chief Executive Officer Eduardo Bartolomeo and Chief Financial Officer Gustavo Pimenta said in an interview. An initial public offering is off the table for now.
Copper and nickel mines will be placed into a new legal structure named Vale Base Metals, with independent governance and a board that includes deep underground mining and electric-vehicle specialists.
The unit will hold Canadian nickel assets, Indonesian joint ventures as well as Brazil’s Onca Puma nickel mine and Salobo copper project, according to a presentation disclosed Wednesday.
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