National Post (Latest Edition)

VALE OPENS DOOR TO BASE METAL MERGER ONCE HOUSE IN ORDER

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If iron ore giant Vale SA decides to separate its base metals operations, it may look at the possibilit­y of merging that business with the assets of another company. Chief executive Eduardo Bartolomeo opened the door to such a possibilit­y during the Financial Times Mining Summit on Thursday. The world’s second-largest producer of iron ore continues to weigh up the pros and cons of forming a separate company with its copper and nickel mines in Canada, Brazil and Indonesia. The goal is to unlock value as the global transition toward clean energy gains momentum. A merger would help Vale gain scale as new deposits get pricier to find and develop. “When you have this vehicle you might find a way to merge with somebody who has synergies with you,” Bartolomeo said.

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