FILL: Brazil's Vale Says Could Work Together With Petrobras On Rare Earths

Date : 04/17/2012 @ 5:04PM
Source : Dow Jones News
Stock : Petroleo Brasileiro S.A.- Petrobras (PBR)
Quote : 8.63  -0.06 (-0.69%) @ 4:02PM

FILL: Brazil's Vale Says Could Work Together With Petrobras On Rare Earths

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Brazilian mining company Vale SA (VALE, VALE5.BR) could work together with state-controlled Petroleo Brasileiro SA (PBR, PETR4.BR) in the area of rare earths, a Vale director said Tuesday.

"Petrobras uses rare earths and Vale has reserves (of rare earths)," Vale's human resources and corporate services director Vania Somavilla told reporters at an event in Minas Gerais state.

Vale and Petrobras last Friday signed an accord to cooperate on projects in which both have interests, including in fertilizers raw materials, oil, gas and biodiesel.

"There's various areas, we're going to put everything on the table" for discussion, Somavilla said. The companies will decide on a "common agenda", she said, adding that no specific joint decision has yet been taken by the companies, Brazil's two biggest by market value.

Vale hasn't decided yet if it will sell its various oil and gas assets, she added.

Vale could also cooperate with its competitors on the global mining scene, including BHP Billiton and Rio Tinto, in areas including mining sustainability and safety, Somavilla said.

The mining business needs "new models", the Vale director said. "We have a chance to improve."

-By Diana Kinch, Dow Jones Newswires, Tel 55 21 7564 4495 diana.kinch@dowjones.com

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