Brazilian development bank BNDES has closed its stake in mining behemoth Vale after the sale of 188.5 million shares (3.6% stake) for R$ 11 billion ($2 billion), SteelMint has gleaned from media reports. The move is part of a broader government strategy of disinvestment that also envisages reducing holdings in state-run oil giant Petrobras. A source close to the stake sale informed that BNDES took advantage of a “favourable moment”, with global iron ore prices ruling at a historically elevated level of over $170/tonne.
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