Brazilian mining company Vale is in discussions to sell a $2.5bn minority stake in its metals business, as it seeks to boost its copper and nickel output to meet growing demand for the energy transition.
Trading houses in Japan, sovereign wealth funds in the Middle East and car companies are examining the asset, according to people familiar with the situation, with a first round of bids due at the beginning of November.
Global demand for copper and nickel is forecast to soar as a result of the energy transition, while supply will be constrained because of a scarcity of new mines.
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