Brazilian miner and iron ore producer Vale confirmed this week it is in talks to buy an electricity company, as part of its plan to become self-sufficient in energy production.
Vale said it is talks with financial advisors to “study eventual … alternatives” available in the market and that might be in line with the company’s energy strategy and use of capital.
Earlier this week, a media report said Vale was in talks with state-run utilities company Cemig to buy a 45 percent stake at Aliança Energia. Both Vale and Cemig are shareholders at Aliança, with Vale owning 55 percent of the business.
Vale said it has not yet reached any agreement regarding Cemig’s stake in Aliança.