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Sossego
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Vale Base Metals IPO reportedly shelved as $24.6bn valuation benchmark meets surging copper earnings
Vale has reportedly put the Vale Base Metals IPO on hold indefinitely after preparing the copper-and-nickel unit for a potential 2026 listing. The decision comes after VBM generated $3.36 billion of 2025 adjusted EBITDA and another $2.49 billion in the first half of 2026. Manara Minerals’ earlier 10% investment implied roughly $24.6 billion of equity value, making the postponed listing as much a valuation decision as a political one.