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Report: Vale, Apollo to jointly bid for Anglo's niobium, phosphates business in Brazil

Vale SAand U.S. private equity firm Apollo are said to be launching a joint bid for 's niobium andphosphates business in Brazil, Reuters reported April 12, citing three sources familiarwith the matter.

Anglo American could receive about US$1 billion for the saleof the assets.

Mosaic Co.,the largest phosphate and potash supplier in the world, could also be interestedin the sale, according to two separate sources.

Anglo American expects to receive binding bids in a few weeks.

Vale is the biggest phosphate producer in Brazil and could takeadvantage of synergies due to the proximity of its assets with those of Anglo American's.

Anglo American previously said it is targeting noncore asset sales of up to US$4 billion thisfiscal year, as it ended fiscal year 2015 with a US$5.62 billion loss.

Former Xstrata CEO Mick Davis' X2 Resources Ltd. is also said to be considering making a bid for Anglo American's niobium andphosphates assets in Brazil.