Brazilian resources and logistics group Companhia Vale do Rio Doce (Vale) plans to sell common and preferred class A shares in the company worth as much as $15-billion, the company said on Tuesday.

The proceeds will be used to finance the company's organic growth plans, as well as for strategic acquisitions, the firm said.

However, Vale added that “currently, it is not negotiating any strategic acquisition”.

The public offering of shares still requires board approval.

Vale, the world's largest iron-ore mine, ended talks in March to buy diversified-miner Xstrata Resources, after the two companies failed to reach a deal.

To subscribe to Mining Weekly's print magazine email subscriptions@creamermedia.co.za or buy now.