TORONTO (miningweekly.com) – Brazilian diversified mining major Vale has delisted from the Hong Kong stock exchange (HKEx) as part of the company’s simplification strategy.
In a press release issued Tuesday, the Rio de Janeiro-based miner announced that the HKEx had approved the withdrawal of Vale´s HDRs – an informal name for a depositary receipt programme listed on the HKEx securities market – listing from the stock exchange.
The withdrawal would become effective at 9:00 Hong Kong time, on Thursday.
Vale, the world's largest iron-ore producer, had earlier this month stated that it aimed to reduce debt by about $10-billion through the sale of additional assets over 2016 and 2017. As at the end of the first quarter, Vale had total net debt on its books of no less than $27.67-billion.