Vale SA's board has not made a decision on the sale of a stake in the company's fertilizer unit and is still looking for a partner, Reuters reported Sept. 23, citing a securities filing from Vale.

This comes after the company's shares jumped by more than 6% on Sept. 21, on speculation that the Brazilian mining giant was about to announce the partial sale of its fertilizers business to Mosaic Co.

The rumored sale deal, which would have valued the stake at US$3 billion, was tied to a decision by the company's board at an upcoming meeting.

Vale plans to sell US$10 billion worth of core assets through next year, while also targeting the divestment of US$4 billion to US$5 billion worth of noncore assets this year in a bid to strengthen its balance sheet.