https://www.miningweekly.com

Brazil govt sets sights on Vale in 'reprivatisation' push

13th February 2019

By: Bloomberg

  

Font size: - +

BRASILIA – Brazil’s government intends to make the mining giant Vale "private again" by pushing out pension funds of State-controlled companies, a senior official said on Wednesday. Shares rose.

"Vale is a State company. Pension funds controlled by the government control Vale," Privatisation Secretary Salim Mattar said on Wednesday at an event in Brasilia. "We’re here to reprivatise Vale."

Vale’s shares, which had lost around 28% in the aftermath of last month’s dam break near Brumadinho, accelerated gains in morning trading following Mattar’s remarks. It wasn’t immediately clear how the government would get pension funds to sell their stake.

Brazil President Jair Bolsonaro’s administration expects to raise $20-billion this year alone through the sale of State-controlled companies. Privatisations of public assets are central to the government’s pro-business economic agenda which is aimed at slashing debt, boosting fiscal accounts and accelerating growth.

The January dam accident killed over a hundred people and put the miner’s operations under stricter government scrutiny. The company’s license to operate a separate dam at one of its largest mines was revoked by a Brazilian state regulator on February 5.

Edited by Bloomberg

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

EKATO Africa
EKATO Africa

Established in 1933, EKATO is the world leader in agitation technology, supplying agitators for processes and applications such as chemicals and...

VISIT SHOWROOM 
Alco-Safe
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.049 0.735s - 122pq - 2rq
Subscribe Now