Japanese retailer of steel products Mitsui may boost its stake in Brazilian producer of iron ore and iron ore pallets Vale SA if other shareholders sell part of its holdings.
Several Brazilian pension funds and Bndespar, the investment arm of state development bank Bndes, have been considering the sale of part of their stakes in Vale, equating to about 3 percent of the miner's shares in total and worth up to eight-billion reais ($2-billion).
Iron ore is a mainstay resource asset for Mitsui and it aims to boost its annual equity output, its share of output from equity stakes it holds in miners or mines, to 64 million tonnes in two years from 60.9 million tonnes last year ended March.
Mitsui said that the company and its partners have won basic agreements from buyers in Japan, India, and others for 10 million tonnes supplies in the 12 million-tonnes-per-year project and its in the process of formalizing contracts.