Vale Heard Spinning Off Fertilizer Unit

Vale is planning to spin off and IPO its fertilizer business, according to wire and local news reports citing remarks from CEO Roger Agnelli. The miner spent $4.59bn in January to buy a controlling stake of fertilizer maker Fosfertil. It could sell shares in the new unit, to be called Vale Fertilizantes, as early as the end of the year, Agnelli says. Vale also plans an expansion of the Bayovar phosphate mine in Peru along with partners Mosaic and Mitsui, and may build a plant to process the mineral into fertilizer.