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Vale sells a 10% interest in Vale Base Metals to Manara Minerals for US$2.5B

Date Announced

July 27, 2023

Lead Office



2.50 Billion USD

On July 27, 2023, Vale announced its agreement to sell a 10% interest in Vale Base Metals (VBM) to Manara Minerals, a joint venture between Ma'aden and Saudi Arabia's Public Investment Fund for US$2.5 billion.

This strategic partnership will fast-track VBM’s expected US$ 25-30 billion capital program over the next decade and help drive a significant potential increase in VBM’s production from about 350kt/year to 900kt/year in copper and from roughly 175kt/year to more than 300kt/year in nickel.

The total consideration of US$2.5 billion will be paid in cash to VBML at closing of the transaction, subject to customary adjustments.

Vale, with global headquarters in Rio de Janeiro, Brazil, is one of the world's largest integrated mining companies.

McCarthy Tétrault is advising Vale with a team led by Eva Bellissimo that included Shea Small, Ainslie Hurd, Roger Taplin, Samantha Pettinato, Peter Quon (Business), Brett Anderson, Jeremy Ho, Colton Dennis, Darren Chung (Tax), Jason Gudofsky, Gideon Kwinter (Competition/Antitrust), and Patrick Pengelly (Labour & Employment).