By Jeffrey T. Lewis


SÃO PAULO--Vale SA shares rose 4.5% after the world's biggest iron ore producer said it is transferring its copper- and nickel-mining activities into separate units.

The shares rose to 71.52 reais, the equivalent of $13.22, and are down about 12% from the end of last year through Thursday's close. The benchmark Ibovespa stocks index was up 1.4% at the same time.

Rio de Janeiro-based Vale said Thursday after the close of trading that it would transfer its copper assets to an existing company owned by Vale, and that it would move the nickel-production assets into a new company. Both sets of assets would continue to be consolidated with Vale's earnings and would be wholly owned by the company.

The move could be the initial step of a plan to divest some or all of those assets, as some analysts have said that Vale's share price doesn't fully price in the value of the company's base metals production. Vale said Thursday that there is currently no decision regarding new transactions with those assets.


Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com


(END) Dow Jones Newswires

09-30-22 1112ET