Brazilian miner Vale SA put its prime assets on the block on Thursday after taking the biggest loss in decades, but analysts said the target to make $10 billion in 18 months was unrealistic and expressed concern a fire sale could destroy equity value.
Murilo Ferreira has resigned as chairman of Brazilian state oil company Petrobras, the firm said Monday. Ferreira, the CEO of mining giant Vale, took a leave of absence in September and Luiz Nelson Guedes de Carvalho, who has served as interim chairman since then, will continue in that role for the moment, the company said in a brief statement.
Brazilian mining giant Vale SA will pay two and a half months' salary to workers in Argentina as part of an agreement signed on Friday allowing the miner to exit the 6 billion dollars Rio Colorado potash and fertilizer project.
Brazilian mining giant Vale announced on Monday it has suspended the 6 billion dollars Río Colorado potash project in Mendoza province. The mining, main producer of iron had halted the work on the project back in December, awaiting tax breaks for the project to help to compensate for soaring costs related to inflation and exchange rates.
Brazil’s Bovespa-index futures declined with the equity gauge poised for its biggest monthly drop since May, after iron-ore producer Vale SA posted a record loss in the fourth quarter.
Petrobras and mining company Vale, the two biggest companies in Brazil, have signed a memorandum of understanding to pursue joint ventures in various areas, Petrobras said.
Brazilian mining giant Vale, the world's biggest producer of iron ore, has chosen a new chief executive. Former Vale executive Murilo Ferreira will return to the company on 22 May.