By Rogerio Jelmayer
SAO PAULO--Brazilian miner Vale SA (VALE) said late Wednesday it
completed the sale of its manganese ferroalloys operations in
Europe to subsidiaries of Glencore International PLC (GLEN.LN) for
$160 million.
"The sale is part of our continuous efforts to optimize the
asset portfolio," said Vale, which also named Glencore the
marketing agent for its metallurgical manganese ore outside Brazil
for five years.
"Vale's growth and sustainable value creation strategy
encompasses a multilane road, in which active portfolio asset
management is a very important tool to optimize capital allocation
and focus management attention," Vale said.
Vale's manganese ferroalloys operations in Europe comprise Vale
Manganese France SAS in Dunkerque, France, as well as Vale
Manganese Norway AS in Mo I Rana, Norway.
"This is the first time that Glencore has expanded into
manganese production, strengthening our marketing offer as well as
complementing the department's existing production of other
ferroalloys," Glencore said.
"The acquisition will add further value to Glencore as the
company continues to grow its ferroalloys business," it said.
Write to Rogerio Jelmayer at rogerio.jelmayer@dowjones.com
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