Vale announces reorganization of Brazil base metals business

Serrote copper project in Brazil. (Image courtesy of Mineração Vale Verde.)

Brazilian miner Vale SA on Thursday announced a reorganization of its base metals business in Brazil, saying it will transfer its copper assets in the country to Salobo Metais SA and its nickel assets to a new venture it will form.

Vale will continue to fully own the assets and said the move comes as it looks to reach “greater efficiency.”

The company also said there is currently no decision regarding further transactions involving its base metals business.

(By Gabriel Araujo; Editing by Chris Reese)

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