Brazil’s BNDES closes out its stake in mining giant Vale SA

RIO DE JANEIRO, BRAZIL – Brazilian development bank BNDES has closed out its stake in mining giant Vale SA, selling 188.5 million shares and raising around R$11 billion (US$2 billion), the bank confirmed in a statement on Tuesday, February 23rd.

The sale of the 3.6% stake in the miner, carried out by the bank’s equity arm BNDESPar, comes as BNDES seeks to exit its position in various companies as part of a broader government divestment plan. In November, a similar sale of Vale stock raised 2.54 billion reais.

“The bank took advantage of a favorable moment,” one source with knowledge of the matter told Reuters earlier. A second source said the sales took place between November and last week.

Related coverage: Pandemic aid to poorest countries critical to U.S. interests: Treasury nominee Adeyemo · Brazil's Environment Minister relying on Chamber president to push mining in the Amazon · Analysis: Self-absorbed U.S. anxious over multiplying Chinese Latin America vaccine deals · In Brazil, an indigenous woman joins Bolsonaro in fight for mining

More: Brazil news in English, every day from The Rio Times.

This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error

Brazil runoff, Sunday, October 25: When is the Brazil runoff election. Latest: Brazil runoff polls, Flávio 51%, Lula 49%.