Vale enters into binding agreement to sell stake in MRN
Published by Isabelle Keltie,
Editorial Assistant
Global Mining Review,
Vale has signed a binding agreement with Ananke Alumina S.A., a company affiliated with Norsk Hydro ASA (Hydro), to sell its 40% stake in Mineração Rio do Norte S.A. (MRN), including all associated obligations and rights. The transaction is subject to regulatory approvals.
This transaction marks the completion of Vale's major divestment programme, which involved selling more than 10 non-core assets across several continents since 2019. Through this programme, Vale has been able to simplify and de-risk its business exposure, resulting in the elimination of expenditures of up to US$2 billion per year. This reinforces Vale's strategy of portfolio simplification and enables the company to focus on its core businesses and growth opportunities through a disciplined capital allocation.
Read the article online at: https://www.globalminingreview.com/finance-business/09052023/vale-enters-into-binding-agreement-to-sell-stake-in-mrn/
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