Deals and financing (5)

1. 2024-02-26 · Acquisition · completed · US$160 m

   PT Mineral Industri Indonesia (MIND ID) → Vale Canada Ltd; Sumitomo Metal Mining · PT Vale Indonesia (Sorowako, Pomalaa, Bahodopi)

   Vale and Sumitomo Metal Mining signed a definitive agreement to sell 14% of PT Vale Indonesia to state miner MIND ID, which becomes the largest shareholder at about 34%, fulfilling Indonesia's divestment rule and supporting the licence extension.

   official release

2. 2023-10-30 · Joint venture · signed

   Ero Copper Corp. → Salobo Metais S.A. (Vale Base Metals) · Furnas copper project (Carajás)

   Ero Copper signed a binding term sheet with Vale Base Metals to earn a 60% interest in the Furnas copper project in Carajás by solely funding exploration and engineering over five years and granting Vale up to an 11% free carry on construction capex.

   official release

3. 2023-07-27 · Equity investment · terminated

   Engine No. 1 → Vale Base Metals Limited · Vale Base Metals

   Engine No. 1 had agreed in July 2023 to take a 3% stake in Vale Base Metals, but the parties agreed not to proceed on those terms, as disclosed when the Manara deal completed in April 2024.

   official release

4. 2023-07-27 · Equity investment · completed · US$2,500 m

   Manara Minerals (Ma'aden / PIF) → Vale Base Metals Limited · Vale Base Metals

   Manara Minerals, the Ma'aden-PIF joint venture, bought 10% of Vale Base Metals for about USD 2.5 billion; the deal was announced in July 2023 and completed on 30 April 2024.

   official release

5. 2023-06-19 · Royalty · signed

   Vale → Centaurus Metals · Jaguar nickel sulphide project (Pará)

   Centaurus reacquired 100% of the offtake rights for Jaguar nickel products from Vale in exchange for an increased life-of-mine net operating royalty to Vale.

   official release