Brazil iron ore producer Vale said on Wednesday it could raise $1.5 billion by selling an asset in Brazil.
According to the company's head of investor relations, Rogerio Nogueira, the deal could be completed by Q3. The company, however, hasn't disclosed any details about which asset it could sell in Brazil.
During an event in Sao Paulo this week, the Vale executive said the deal is at an "advanced stage" and involves "specific entities". The transaction is part of Vale's on-going disinvestment plans in which the company expects to raise between $6 billion and $7 billion this year.
In addition to the asset sale, Vale is also looking to reduce Capex spending. Vale expects to invest between $8 and $9 billion in 2015.