By Jeffrey T. Lewis

SÃO PAULO--Brazilian iron-ore miner Vale SA said Thursday that it has entered into a binding agreement to sell its 40% stake in bauxite producer Mineração Rio do Norte SA to Norsk Hydro ASA unit Ananke Alumina SA for an undisclosed amount.

The sale must be approved by regulators, Vale said.

The sale of MRN, the biggest bauxite producer and exporter in Brazil, completes Vale's major divestment program of 10 non-core assets across multiple continents, the company said.

The program's goal was to simplify Vale's portfolio and de-risk its business exposure, and together the sales have eliminated as much as $2 billion a year in expenditures, according to Vale.

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

(END) Dow Jones Newswires

April 27, 2023 07:41 ET (11:41 GMT)

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