PIF considers stake in Brazilian miner: Report

Logo of PIF

The Public Investment Fund (PIF), together with Japanese trading house Mitsui & Co., is considering bidding for a minority stake in Vale SA’s nickel and copper operations, Bloomberg reported, citing sources.

Vale seeks to raise more than $2 billion from the deal, the sources added.

Canada Pension Plan Investment Board, Ontario Teachers’ Pension Plan Board, Mubadala Investment Co. and Qatar Investment Authority are also weighing offers for a stake in the base metal unit

The Brazilian miner has also approached other potential bidders including BlackRock Inc. and Singapore sovereign wealth fund GIC to gauge their interest.

Vale, a major iron ore supplier and one of the world’s largest miners, was incepted in 1942, and operates in around 30 countries. The company also operates in the field of logistics, steelmaking and energy.

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