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Vale considers selling stakes in coal, fertilizer businesses

  • Vale (VALE +1.7%) says it might sell stakes in its global fertilizer and coal businesses to strategic partners to lighten project costs but isn't targeting the segments for divestments as it still considers them part of its long-term core.
  • The two segments account for a small portion of Vale's revenue - a combined 7.9% in Q3 - and have weighed on cash flow.
  • Vale says it is considering selling a 15%-25% stake in its coal division, although it plans to invest ~$2.8B in the business next year.
  • Vale's efforts to become a major player in fertilizers took a hit this year when it suspended a $6B potash project in Argentina; it has just $52M set aside for investing in new fertilizer projects next year.
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