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Vale May Sell up to 30% of Base Metals Unit in Possible IPO

https://en.steelhome.com [SteelHome] 2015-06-25 09:01:22

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  • Vale says it is considering selling 25%-30% of its base metals business in an IPO but will proceed only if nickel and copper prices are at "appropriate” levels.

  • Vale, whose iron ore business has been hurt by a 50% price collapse since late 2013, forecasts increased profit and output from the base metals business, which is based on a 2006 takeover of Inco, after years of setbacks.

  • Vale also says it expects to invest $8B-$9B in 2015, an apparent reduction from a presentation published earlier this month when it said it expected to invest $9B as well as a $10.2B forecast given in December.

Source: seekingalpha.com

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