Vale doesn’t rule out IPO or merger of base metals unit ahead

Reuters | July 28, 2023 | 8:17 am Top Companies Latin America Copper

Image: Vale Base Metals.

Brazilian miner Vale does not rule out an initial public offering (IPO) or merger of its base metals unit in the future, but the focus for now is on execution and accelerating growth, chief executive Eduardo Bartolomeo said on Friday.

Vale announced on Thursday deals to sell a 13% stake in the business for $3.4 billion to Saudi Arabia’s Ma’aden and US firm Engine No. 1, as part of it strategy to unlock more value from its nickel and copper assets.

“For now, let’s focus on closing the gaps on execution and accelerating growth. And then, two or three years down the road, the optionalities will be all in our hands,” Bartolomeo told a conference call with analysts when asked about the matter.

(By Marta Nogueira and Gabriel Araujo; Editing by Steven Grattan)