Vale Base Metals preparing to sell part of the company to Saudis

Vale is ready to sell off 10 per cent of its base metals division to Saudi Arabia, according to reports in the international business media.

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." "The Public Investment Fund is currently leading in the bidding war for roughly 10 per cent of Vale’s nickel and copper operations. The Saudi Arabian investment firm, in a joint venture with state miner Maaden, is looking to acquire a stake worth around $2.5 billion. Advanced discussions are taking place between the Brazilian miner’s and the Saudi joint venture," said EME.

The same sources told BNN Bloomberg that the wealth fund was poised to beat out rival bidders including Japanese trading house Mitsui & Co. and the Qatar Investment Authority. It was also reported that it could take several weeks to hash out the details of a formal agreement.

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