Vale said its board of directors has approved the reorganization of its base metals operations in Brazil.
The miner will transfer its copper assets in the country to Salobo Metais S.A., a subsidiary of Vale, and its nickel assets to a new company to be formed by Vale. Both copper and nickel assets will continue to be consolidated and wholly owned by the miner.
“With the reorganization, Brazilian base metals assets will be combined into two entities, enabling more efficient processes and management,” said Vale.
The miner added that there is currently no decision regarding new transactions with the base metals business.