RIO DE JANEIRO -- Brazil mining giant Vale (IW 1000/91) today said it will auction its stake in logistics firm Log-In Logistica Intermodal and also announced the sale of its capital in Fosbrasil, a purified phosphoric acid producer.
Vale, the world's top iron ore producer, said in a statement that the two transactions were consistent with its efforts to streamline its operations and maximize returns for its shareholders.
Vale said it would sell its 31.3% stake in Log-In, a Brazilian logistics company, with an initial price per share of $3.40.
According to the economic daily Valor, the sale could bring in nearly $100 million.
Vale also announced the sale of its 44.25% stake in Fosbrasil, located in Sao Paulo state, to Israel Chemicals Ltd. (IW 1000/614) for $52 million.
Vale said the transaction was part of its strategy to give priority to investments in world-class strategic assets and was "a further step in the process of streamlining its portfolio."
The price of iron ore reached $180 a ton in 2011, but it will sell between $100 and $140 in the next two years, according to experts.
This year, Vale sold assets worth $5 billion, including its stake in Norway's Norsk Hydro (IW 1000/401) aluminum producer for $1.6 billion in November.
Last week, Vale also sold its stake in the Norte Energia consortium in charge of building the Belo Monte dam in the Amazon for $100 million.
Copyright Agence France-Presse, 2013
