Brazil's Vale drops IPO plans for critical minerals unit, The Globe and Mail reports
Miner Vale is shelving plans for an initial public offering (IPO) of its critical minerals unit amid political pushback in Brazil over the country potentially losing control over strategic mining assets, The Globe and Mail reported on Thursday, citing sources.
The IPO of Vale Base Metals is on hold indefinitely but could be revived at a future date, the report said.
Vale Base Metals CEO Shaun Usmar had told BNN Bloomberg Television in March that the company was working to get the business ready for a potential IPO by midyear.
Vale said in a statement that it does not comment on market rumors and speculation.
"Our focus today is to continue to grow value by increasing our productivity and competitiveness, optimize our portfolio, and advance our growth pipeline," Vale said.
