Brazil's Vale drops IPO plans for critical minerals unit, The Globe and Mail reports

Sept 3 (Reuters) - Brazilian miner Vale SA (VALE3.SA), opens new tab is shelving plans for an IPO of its critical minerals unit, Vale Base Metals, amid political pushback in Brazil over the country potentially losing control over strategic ⁠mining assets, The Globe and Mail reported on Thursday, citing sources.

The IPO is on hold indefinitely but could be revived at a future date, the report said.

Vale Base Metals Chief ⁠Executive Officer Shaun Usmar had told BNN Bloomberg Television in March that the company was working ⁠to get the business ready for a potential IPO by midyear.

Vale did ⁠not immediately respond to a Reuters request for comment ⁠outside regular business hours.

Reporting by Natalia Bueno Rebolledo in Mexico City; Editing by Subhranshu Sahu

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