Vale SA has successfully completed the sale of a 10% stake in Vale Base Metals Limited (VBM) to Manara Minerals for approximately US$2.5 billion. The transaction, which was initially announced in July 2023, received approval from regulatory authorities and was finalized on April 30, 2024. Manara Minerals is a joint venture between Ma'aden and Saudi Arabia's Public Investment Fund. This strategic partnership is expected to expedite the generation of value from VBM's assets and projects, contributing to the global energy transition. VBM plans to significantly increase its copper and nickel production over the next decade. Additionally, Vale SA had previously announced a strategic partnership with Engine No. 1 for a 3% equity stake in VBM. However, after recent negotiations, both parties have decided...Show More

Vale SA has successfully completed the sale of a 10% stake in Vale Base Metals Limited (VBM) to Manara Minerals for approximately US$2.5 billion. The transaction, which was initially announced in July 2023, received approval from regulatory authorities and was finalized on April 30, 2024. Manara Minerals is a joint venture between Ma'aden and Saudi Arabia's Public Investment Fund. This strategic partnership is expected to expedite the generation of value from VBM's assets and projects, contributing to the global energy transition. VBM plans to significantly increase its copper and nickel production over the next decade. Additionally, Vale SA had previously announced a strategic partnership with Engine No. 1 for a 3% equity stake in VBM. However, after recent negotiations, both parties have decided not to proceed with the agreement but remain open to future collaborations. Vale's CEO, Eduardo Bartolomeo, expressed pride in this milestone for the company's Energy Transition Metals platform. Mark Cutifani, Chair of VBM, welcomed Manara Minerals and highlighted the potential for future cooperation with Engine No. 1. Bob Wilt of Manara Minerals emphasized the partnership's alignment with their goal to source minerals for sustainable economic growth.