Brazilian miner and iron ore producer Vale said this week in a conference with analysts and investors that it is seeking a permanent solution for Samarco, a pellet producer it jointly owns with BHP Billiton.
Vale said Samarco’s strategy to use a pit for storing iron ore waste may last two years, however, Vale prefers a permanent solution rather than a provisional solution for the pellet producer.
Andre Figueiredo, Vale’s investor relations director, did not specifically say Vale would buy BHP’s stake in Samarco, but said the miner would be the “natural” owner of Samarco, since Vale’s operations are close to Samarco.
A media report by Bloomberg citing unnamed sources said BHP is asking $1 billion to sell its 50 percent share in Samarco.