Vale SAis standing by its plans to sell off US$10 billion worth of core assets in a bidto strengthen its balance sheet, despite a recent rise in the prices of commodities.
The Brazilian mining heavyweight outlined its plan to reduceits net debt via the "completion of potential transactions with core assets"in 2016-17 in a May 10 presentation at the Bank of America Merrill Lynch GlobalMetals, Mining & Steel Conference in Miami.
Vale is also targeting the divestment of US$4 billion to US$5billion worth of noncore assets this year, which Reuters reported May 10 was downfrom the previously flagged US$4 billion to US$5.5 billion after the company its 40% stakein bauxite producer Mineração Riodo Norte SA.
In October 2015, NorskHydro ASA and Vale entered into a letter of intent for the potentialtransaction, but terminated negotiations in May because they could not agree oncommercial terms.
The move is aimed at simplifying the portfolio, Vale noted inits presentation.