Posted in | News | Mining Business | Potash

Brazil's Vale Not Interested in PotashCorp

By Joel ScanlonAug 24 2010

Brazil's Vale, the second-largest mining company in the world, had been seen as a possible saviour for PotashCorp but on Monday Vale denied that it was in talks to acquire the Canadian fertilizer company.

PotashCorp had rejected a hostile takeover bid of $38.6 billion by the Australian mining major, BHP Billiton. It had then mentioned that it was in talks with other companies about counter bids.

It was being speculated that Vale was making a bid to acquire the fertilizer company but a brief statement was issued by the Brazilian mining giant denying the move. It said that there was no truth in the rumours going on about negotiations with the purpose of making a bid to acquire a fertilizer company.

The speculation was based on the fact that Vale is hoping to expand its position in potash to become one of the world's largest fertilizer producers by the year 2017. The spokesperson said that Vale was concentrating on developing its own projects rather than making acquisitions.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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