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Thursday, December 27, 2012

Vale may sell its 31 percent stake in Log-In container unit, (NYSE: VALE)

Brazil's Vale SA , the world's No. 2 mining company, may sell its 31 percent stake in Log-In Logistica Intermodal SA as part of efforts to raise cash for investment, a Vale spokesman said on Thursday.The spokesman confirmed a report in the Valor Economico newspaper, which said Vale's stake in Log-in is worth about 217 million reais ($106 million) at current market prices.Log-In operates coastal container ships and shipping services, a container port in Vitoria, Brazil, a fleet of trucks, and facilities to move containers between trucks, trains and ships.While the sale is under consideration, no decision to sell the company has been made, Valor said.

Vale SA (Vale) is a Brazil-based metals and mining company. Shares of VALE traded higher by 0.32% or $0.065/share to $20.48. In the past year, the shares have traded as low as $15.77 and as high as $26.87. On average, 17438400 shares of VALE exchange hands on a given day and today's volume is recorded at 2967447.