DJ Vale CEO: Not in Rush to Sell Aluminum Norsk Hydro Stake
Dec 06, 2012 (Dow Jones Commodities News via Comtex) --
By Alex MacDonald
LONDON--Vale SA (VALE, VALE5.BR), the giant Brazilian mining company, said Thursday it is in no rush to sell its 22% stake in Norway-based aluminum company Norsk Hydro ASA (NHY.OS, NHYDY).
"We will sell when it is showing value for Vale," Murilo Ferreira, Vale's chief executive, told journalists at the company's London investor day meeting. He noted that the asset wasn't core to the company's operations and would be sold once valuations on aluminum companies become more reasonable.
Vale joins other miners that have been considering divesting of aluminum assets in the wake of lackluster pricing and concerns about large amounts of aluminum tied up in warehouse financing deals. Anglo-Australian Rio Tinto PLC (RIO, RIO.LN, RIO.AU) has signaled it will exit a basket of poor-performing aluminum operations.
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