Reports say Vale poised to sell 10 per cent stake with nickel and copper production on the rise
International and Sudbury nickel miner Vale is ready to sell off 10 per cent of its base metals division to Saudi Arabia, according to reports in the business media.
The Wall Street Journal, Reuters and BNN Bloomberg have reported that the Saudi Arabia Public Investment Fund (PIF) is regarded as the leading bidder to acquire a stake in Vale SA’s multibillion-dollar nickel and copper operations. Vale Base Metals is headquartered in Toronto, and is one of the world’s largest producers of responsibly sourced nickel, copper, cobalt and platinum group metals, said the company website.
The website further stated that “in Canada, the U.K., Brazil, Japan and Indonesia we produce critical minerals that power electric vehicles, create renewable energy solutions and help develop life-saving medical equipment.”
While there is no formal news of the pending deal from the PIF, the Saudi PIF webpage does show the fund has an interest in investments in Brazil.