General Motors Competes for Stake in Vale’s Base Metals Unit – by Dinesh Nair and Cristiane Lucchesi (Bloomberg News – February 8, 2023)

(Bloomberg) — General Motors Co. is competing for a stake in Brazilian mining giant Vale SA’s base metals unit, people familiar with the matter said, underscoring automakers’ desire for easy access to the materials needed for electric vehicle batteries.

Detroit-based General Motors has advanced to the next round of bidding for a minority stake in the business, the people said, asking not to be identified discussing confidential information. Vale could raise more than $2 billion from a deal, according to the people.

Bloomberg News reported in November that Saudi Arabia’s Public Investment Fund and Japanese trading house Mitsui & Co. were also weighing making offers for a slice of the nickel and copper operations. Deliberations are ongoing and Vale has made no final decisions about a sale, the people said.

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