The Rio de Janeiro-based firm will separate the base metal assets from its iron ore operations and unveil a strategic partner in the first half of next year, Chief Executive Officer Eduardo Bartolomeo and Chief Financial Officer Gustavo Pimenta said in an interview. An initial public offering is off the table for now.
“Let’s be clear: the most important thing is to ring-fence,” Bartolomeo said in an interview from New York. “Why do we want a partner? Because the partner makes the ring-fence real. It anchors. It allows us to bring top-notch people to the table.” For years Vale has considered separating its Brazilian iron ore business from the nickel and copper assets, many of which were acquired via the US$17 billion purchase of Canada’s Inco Ltd. announced in 2006.
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