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Thursday, December 26, 2013

Vale sells Fosbrasil stake to Israel Chemicals for $52 mln, (NYSE: VALE)

Vale SA , the world's No. 1 iron ore producer, sold a 44.25 percent stake in purified phosphoric acid producer Fosbrasil SA to Israel Chemicals Ltd for $52 million, according to a securities filing published on Thursday. The deal is subject to regulatory approval, according to the filing dated Dec. 20.Fosbrasil is based in the town of Cajati in Brazil's S�o Paulo industrial state, and produces phosphates. Phosphoric acid is used as a food additive, dispersing agent and as fertilizer feedstock.Efforts to contact Israel Chemicals Ltd were unsuccessful.The deal comes as Vale focuses on developing its mining assets in Brazil and sheds non-core assets like phosphates, logistics and energy.

Vale SA (Vale) is a Brazil-based metals and mining company. Shares of VALE traded higher by 1.09% or $0.16/share to $14.82. In the past year, the shares have traded as low as $12.39 and as high as $21.88. On average, 16629300 shares of VALE exchange hands on a given day and today's volume is recorded at 8099406.