Vale completes US$2.5B sale of minority stake in Vale Base Metals Limited to Manara Minerals and related offtake agreement

On April 30, 2024, Vale announced the successful completion of its approximately US$2.5 billion minority stake sale in Vale Base Metals Limited ("VBM") to Manara Minerals, a joint venture between Ma'aden and Saudi Arabia's Public Investment Fund and related offtake agreement.

This strategic partnership is set to accelerate VBM's anticipated US$25-30 billion capital program over the next decade, significantly boosting VBM's production capacity from approximately 350kt/year to 900kt/year in copper and from around 175kt/year to over 300kt/year in nickel.

McCarthy Tétrault advised Vale with a team led by Eva Bellissimo that included Roger Taplin, Samantha Pettinato, Peter Quon (Business), Brett Anderson, Jeremy Ho (Tax), Jason Gudofsky, Gideon Kwinter (Competition/Antitrust), and Patrick Pengelly (Labour & Employment).