Imports of iron ore by China, the world's biggest buyer, in 2024 are expected to be around 1.170 to 1.180 billion metric tons, similar to last year's 1.18 billion tons, a senior official of miner Vale said on Wednesday. "In the near term, we are still seeing strong resilience in the Chinese economy, although the property market is slowing down in the next few years," Eduardo Mello Franco, marketing manager for pricing at Brazilian mining company Vale told an industry conference in Singapore. "We see infrastructure for instance is still growing strongly in China," he said, adding that manufacturing is also "performing pretty well in China".
Following approval from the relevant regulatory authorities, Vale S.A. ("Vale" or "Company") is pleased to announce the completion of its approximately US$2.5 billion sale to Manara Minerals, a joint venture between Ma'aden and Saudi Arabia's Public Investment Fund, under which Manara Minerals will acquire 10% of Vale Base Metals Limited ("VBM").
Vale Base Metals ("VBM") informs that Vale Canada Limited ("VCL") signed a Definitive Agreement ("Agreement") with PT Mineral Industri Indonesia ("MIND ID") and Sumitomo Metal Mining Co., Ltd. ("SMM") regarding the divestment obligation of PT Vale Indonesia Tbk ("PT Vale"). Under the Agreement, VCL and SMM will divest approximately 14 per cent pro-rata combined equity interest in PT Vale to MIND ID.