Vale Base Metals plans to sell 10% of its base metals division to Saudi Arabia, a major producer of nickel, copper, cobalt, and platinum group metals.
The Saudi Arabia Public Investment Fund (PIF) is the lead bidder, forming a joint venture with state miner Maaden to acquire a stake worth around US$2.5 billion.
The Saudi PIF is interested in investing in Brazil, and advanced discussions are currently underway between the Brazilian miner and the Saudi joint venture.
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