Vale has received multiple bids for a stake in its base metals business after talks with parties from carmakers to sovereign wealth funds, its chief executive said, as he predicted the division could become “even bigger” than the Brazilian mining group itself.
Eduardo Bartolomeo said “non-binding offers” had been made for the slice of up to 10 per cent of the unit, which produces materials vital for the energy transition and is being carved out as a standalone entity separate from Vale’s main iron ore operations.
He told the Financial Times the partner could be an automotive manufacturer, industrial group, state investor or pension fund. “That’s who I’m talking to,” he said. “Everybody.”
Vale is also in discussions about bringing a carmaker on to its board, Bartolomeo added, without providing further details. Iron ore provides 80 per cent of revenues at Vale, whose $79bn market capitalisation makes it the biggest publicly listed company in Latin America.
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