Vale’s base metals IPO conditional upon 'appropriate' nickel, copper prices

Brazil’s mining major Vale will proceed with an initial public offering of a minority stake in its base metals division only if nickel and copper prices reach “appropriate” levels, according to a company executive.

The world’s leading nickel producer has been working on plans to sell 25-30% of its base metals business, Vale’s investor relations director Rogério Nogueira said on Wednesday June 24. The sale of shares could take place in two tranches.
“It would be a partial IPO, with a floating of about 25-30%”, the executive said, adding that the offering that could take place in the first half of 2016 would only proceed if market conditions were favourable.

Published

Danielle Assalve

June 24, 2015

18:00 GMT

São Paulo