Brazilian newspaper Valor Economico reported Friday that iron ore mining giant Vale plans to develop a new logistics company to handle general cargo such as steel, wood, soy and fuel. Currently Vale has rail, port and shipping assets for the transportation of iron ore.
The newspaper also said that Vale may take 30 percent of the company public in a share offer next year. Logistics operations have long accounted for a large portion of Vale's revenues. Between 2009 and 2010, revenue from logistics services jumped 14 percent to R$3.2 billion (US$2 billion).