Copper and nickel mines will be placed into a new legal structure named Vale Base Metals, with independent governance and a board that includes deep underground mining and electric-vehicle specialists. The unit will hold Canadian nickel assets, Indonesian joint ventures as well as Brazil’s Onca Puma nickel mine and Salobo copper project, according to a presentation disclosed Wednesday.
Vale is breaking out its nickel and copper business at a time when demand for metals used in wiring and electric-vehicle batteries has accelerated in the move away from fossil fuels.
Separating the two sides of the business is key to accessing “competitive” capital needed for an estimated $20 billion of base metal investments, Bartolomeo said from New York. This, combined with the sale of as much as 10% of the new entity to a partner, will unlock value from a business that Vale sees worth as much as $40 billion.
“Let’s be clear: the most…
