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Monday, December 1, 2014

Brazil's Vale mulling IPO for part of base metals business - sources, (NYSE: VALE)

Brazil's Vale SA is considering listing part of its global base metals business, two sources with knowledge of the matter said on Monday, as the miner looks to fund capital projects amid a collapse in iron ore prices. The sources, who asked not to be named as they have not been authorized to discuss the matter publicly, said 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 plan to list a new entity in Toronto and London as early as Tuesday at an investor day event being held in New York, said one of the sources.The event at the New York Stock Exchange will be webcast.The second source said there had been significant discussion inside Vale about listing the base metals assets, which have fared better than its iron ore business due to steadier prices.

Vale SA (Vale) is a Brazil-based metals and mining company. Shares of VALE fell by 3.11% or $-0.28/share to $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 29077544.