Vale confirms that its board of directors have approved the reorganisation of base metals operations held by Vale S.A in Brazil.
The approval provides for the transfer of the Brazilian copper assets to Salobo Metais S.A, and the transfer of Brazilian nickel assets to a new company to be established by Vale in Brazil. Both copper and nickel assets will continue to be consolidated and wholly owned by Vale. With the reorganisation, Brazilian base metals assets will be combined into two entities, enabling more efficient processes and management.
Vale has clarified that there is currently no decision regarding new transactions with Base Metals business, and informs that it will keep the market informed on any relevant updates.