Vale not spinning off base metals unit in the short-term

Friday, 08 October 2021 21:16:10 (GMT+3)   |   Sao Paulo
       

Brazilian miner and iron ore producer Vale won’t spin-off its base metals business division in the short-term, the company said this week.

Eduardo Bartolomeo, CEO of Vale, said during a mining summit that there are no talks for a spin-off of the company’s base metals division due to its business size, according to a media report by Reuters.

The executive added that the business unit generates about $3.5 billion in annual revenues, and an asset sale of the business unit would put it at $25 billion, “more or less.”

In order to reach a spin-off, the business would need to be adjusted and transformed, and go through an internal transformation, Vale said later, according to the Reuters media report.


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