Coal News Hubb
Advertisement Banner
  • Home
  • News
  • Coal Mining
  • Contact
No Result
View All Result
  • Home
  • News
  • Coal Mining
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home News

General Motors weighs stake acquisition in Vale’s base metals unit

admin by admin
February 9, 2023
in News


The Brazilian firm is scouting for a strategic partner for the new entity. Credit: PublicDomainPictures from Pixabay.

Automaker General Motors is considering acquiring a stake in Brazilian mining giant Vale’s base metals unit, reported Bloomberg News citing people familiar with the matter.

The move comes as the automaker intends to access the materials needed to manufacture electric vehicle (EV) batteries.

GM has advanced to the next bidding round for a minority stake in Vale’s business, sources said.

A potential stake sale could fetch $2bn for Vale, reported the news agency.

Last November, Bloomberg News reported that Saudi Arabia’s Public Investment Fund and Japanese trading house Mitsui were also considering offers for a stake in Vale’s nickel and copper operations.

Although talks are in progress, Vale has not made a final decision about the stake sale.

Last December, Reuters reported that Vale was in advanced talks with undisclosed potential partners for its new base metals investment vehicle.

Vale intends to place its copper and nickel mines into a new legal structure, Vale Base Metals.

The Brazilian firm is looking to announce a strategic partner for the new entity in the first half of this year.

Last year, General Motors signed an agreement with Vale whereby the automaker will buy battery-grade nickel sulfate equal to 25,000mtpa of contained nickel for use in its Ultium battery cathodes to power EVs.

Vale Canada would start nickel sulfate deliveries from its proposed plant in Becancour, Quebec, Canada, in 2026.

Vale currently serves as a direct nickel supplier for Tesla batteries.





Source link

Previous Post

Sweden eyes stockpiling of raw materials as part of EU plan

Next Post

China’s MMG secures supplies to continue copper production at reduced rate in Peru

Next Post

China's MMG secures supplies to continue copper production at reduced rate in Peru

Recommended

Feature article in Mining & Quarry World December issue….Wheel Loaders

4 months ago

Vale in advanced talks with strategic partner for base metals unit

3 months ago

© 2022 Coal News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Coal Mining
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • News
  • Coal Mining
  • Contact

© 2022 Coal News Hubb All rights reserved.