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.