Vale has received multiple bids for a stake in its base metals business after talks with parties from carmakers to sovereign wealth funds, its chief executive said, as he predicted the division could become “even bigger” than the Brazilian mining group itself.
Eduardo Bartolomeo said “non-binding offers” had been made for the slice of up to 10 per cent of the unit, which produces materials vital for the energy transition and is being carved out as a standalone entity separate from Vale’s main iron ore operations.
He told the Financial Times the partner could be an automotive manufacturer, industrial group, state investor or pension fund. “That’s who I’m talking to,” he said. “Everybody.”
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