On April 30, 2024, Vale S.A. announced the successful completion of its sale of a 10 percent equity stake in Vale Base Metals Limited (VBM) to Manara Minerals for approximately $3.4 billion (US$2.5 billion).
The transaction, approved by regulatory authorities, marks a strategic partnership with Manara Minerals, a joint venture between Ma'aden and Saudi Arabia's Public Investment Fund. This alliance is set to accelerate the production of critical minerals essential for the global energy transition, with VBM planning significant investments in Brazil, Canada, and Indonesia. These investments aim to substantially increase copper and nickel production over the next decade.
McCarthy Tétrault advised Vale with a team led by Eva Bellissimo that included Shea Small, Ainslie Hurd, Roger Taplin, Samantha Pettinato, Peter Quon (Business), Brett Anderson, Jeremy Ho, Colton Dennis, Darren Chung (Tax), Jason Gudofsky, Gideon Kwinter (Competition/Antitrust), and Patrick Pengelly (Labour & Employment).
Stikeman Elliott acted as Canadian counsel to Manara Minerals with a team that included Jay Kellerman, Ivan Grbesic, Joseph Bricker, Krista Yip-Chuck, Michael Laskey, David Feldman, Laura Rowe, Kathleen Chevalier, Chelsea Kirsch, Jillian Skinner, Michel Legendre, Dean Kraus, Shawn Neylan, Jean-Guillaume Shooner, Candace Cerone.