The Brazilian miner is “not in a rush” to get its copper and nickel business, Vale Base Metals, into an initial public offering, despite getting “IPO ready,” Vale’s chief financial officer Marcelo Bacci told reporters. The unit has previously been valued at US$40 billion and has struck nickel supply contracts with companies like Tesla. (The Logic)

Talking point: Shaun Usmar, Toronto-based CEO of the base metals unit, said it doesn’t need to raise money—and after appointing Usmar in 2024 to stage a turnaround—it no longer relies on its parent company for funding, executives noted in their investor day presentation. Still, Bacci said that the market isn’t offering enough of a premium for its potential growth to justify an IPO. The company divested some of its stake in its Manitoba nickel mine amid steep price competition from Indonesia, and now aims to hike output from its other Canadian operations. The company remains on track to cement a final decision on its joint venture with rival Glencore in Sudbury, Ont., early next year, Usmar said.