Brazilian miner Vale said on Thursday it reached two separate agreements to sell a 13% stake in its base metals business for $3.4 billion, aiming to boost its copper and nickel output.
The logo of the Brucutu mine owned by Brazilian mining company Vale SA is seen in Sao Goncalo do Rio Abaixo, Brazil February 4, 2019. REUTERS/Washington Alvessaid on Thursday it reached two separate agreements to sell a 13% stake in its base metals business for $3.4 billion, aiming to boost its copper and nickel output.
The cash deal expected to close by the first quarter of 2024 values the company's base metals unit at an enterprise value of $26 billion, it said. Vale's market capitalization in the Brazilian stock exchange was $67.4 billion, based on Thursday's closing price. It follows a plunge in the miner's profits in the second-quarter, posted separately on Thursday, which fell 78.2% from the previous year, dragged down by lower iron ore prices.
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