* Glencore buys Vale plants in France and Norway
* Vale selling smaller units to finance bigger projects
* Ferromanganese used in help reduce steel corrosion
SAO PAULO, July 10 Vale, the world's
second-largest mining company, sold its ferromanganese plants in
Europe to units of Glencore International Plc for $160
million, as it seeks to help finance core investments in iron
ore, coal and nickel.
Vale sold Vale Manganese France SAS in Dunkirk, France and
Vale Manganese Norway AS in Mo I Rana Norway to the Glencore
units, which were not named separately, according to a
The sale is "part of our continuous efforts to optimize our
asset portfolio," Rio de Janeiro-based Vale said in a statement
signed by Chief Financial Officer Tito Martins.
Ferromanganese is an alloy of iron and manganese and is used
in steelmaking to help make steel resistant to rust and make
steel easier to shape or work at lower temperatures.
Vale is selling some of its smaller assets to help finance
larger projects such as its new $8 billion Serra Sul iron-ore
mine in Brazil and Moatize coal project in Mozambique, where
Vale plans a $6 billion doubling of output to 22 million tonnes,
Martins told Reuters on March 28.