Vale backs Brazil critical minerals fund in nod to government
Vale is committed to investing in Brazil’s first fund to support critical minerals as it seeks to diversify, the new chief of the world’s No. 2 iron-ore supplier said Wednesday.
Vale has 90% of its revenue coming from the steelmaking ingredient and wants to boost copper production, CEO Gustavo Pimenta said at a press conference.
“The industry’s big challenge today is to bring these critical minerals into operation, develop these projects, bring these projects to the commercial stage,” he said.
The fund, backed by Vale and Brazil’s development bank BNDES, selected a consortium formed by JGP Asset Management, BB Asset and Ore Investments to manage the one-billion reais ($184-million) private equity fund created to support research and exploration of strategic minerals needed for the energy transition.
The announcement was the first by Vale’s new top boss, who took the helm Tuesday. Restoring government relations is one of the company’s top priorities as Vale seeks to permits to expand iron ore production and logistics. The miner also is negotiating a settlement over a deadly mining disaster in 2015.
The Rio de Janeiro-based company and the bank will seed the fund with as much as 250 million reais each, allowing the fund managers to focus on raising capital. The money will be invested in 20 junior and mid-sized companies working in mineral research, development and implementation of strategic mineral mines in Brazil, starting in March.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
At John Ratcliffe, we are aftermarket specialists for heavy-duty on and off-road vehicles. We engineer and retrofit advanced safety systems, engine...
VISIT SHOWROOM
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
