Vale SA is considering a spinoff or initial public offering of its sprawling base metals business after it completes the sale of a minority stake, according to people familiar with the situation. mining
Vale SA is considering a spinoff or initial public offering of its sprawling base metals business after it completes the sale of a minority stake, according to people familiar with the situation.
The Brazilian mining giant is in talks to sell a 10% stake in the unit and expects final bids in that process to be submitted by mid-April, said one of the people, who asked not to be identified because the deliberations are private. Once the transaction is completed, Vale will likely list the unit or spin it off in 2024, the person said.
Cutifani, who left Anglo last year after almost a decade in charge, led the mining company through one of the most tumultuous periods in its more than 100-year history. It was on the brink of collapse in 2015 due to high debt levels and a collapse in commodities prices. He then oversaw a dramatic recovery as prices for many of the products it mines rose to a record, and he positioned Anglo for growth.
Cutifani previously managed Vale’s Sudbury operations when he was chief operating officer of Inco Ltd., the Canadian miner acquired by Vale.
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