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Vale not going after Anglo's Copebras asset – CEO
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11th November 2010
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SEOUL – Brazilian mining company Vale, the world's top iron-ore producer, is not going after Anglo American's Brazilian fertiliser unit Copebras, its chief executive said on Thursday.

"We don't have to buy assets. We are growing organically and we have to analyse it [Copebras, if it's put up for sale]...but we are not going after it," Roger Agnelli told Reuters on the sidelines of the G20 CEO Summit in Seoul.

Anglo American chief executive Cynthia Carroll told Reuters on Wednesday the firm would continue to divest its non-core assets including Copebras and it had received interest on "all of its businesses to be divested."

Magazine Exame reported in late September that Vale was weighing taking over Copebras, which may be worth as much as $800-million.

Vale has been expanding its fertiliser business with some $7-billion investment as part of its long-term strategy to diversify from its main money earner, iron ore. It purchased a 58% of Fosfertil for more than $3-billion in May.

The company now plans to spin off its fertiliser division through an initial public offering in the first half of next year, director of the division said in September.

Edited by: Reuters

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Roger Agnelli
Picture by: Bloomberg
Roger Agnelli