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Tuesday, December 2, 2014

Brazil's Vale considers listing part of base metals business -sources, (NYSE: VALE)

Brazil's Vale SA is considering listing part of its global base metals business in Toronto and London, according to multiple sources with knowledge of the plan, as the miner looks to fund capital projects amid a collapse in iron ore prices.The sources, who asked not to be named because they have not been authorized to discuss the matter publicly, said Vale, the world's top iron ore producer, is likely to retain a majority interest in the new entity if it proceeds with the plan.Vale could outline the broad details of the plan for Toronto and London as early as Tuesday at an investor day event in New York, said one source. The event at the New York Stock Exchange will be webcast.A second source said Vale will mention the possibility of an initial public offering in those markets at the investor day, but added plans are preliminary and will be deliberated on in the next few weeks.

Vale SA (Vale) is a Brazil-based metals and mining company. Shares of VALE remained unchanged at $8.73. In the past year, the shares have traded as low as $8.40 and as high as $15.59. On average, 28080500 shares of VALE exchange hands on a given day and today's volume is recorded at 93001.