Vale Sells $800 Million of Future Gold Output to Ease Debt Load
- Accord boosts Silver Wheaton’s gold share in Salobo to 75%
- Vale looking to reduce debt to $15 billion from $27 billion
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Vale SA sold more of its future gold output to Silver Wheaton Corp. as the Brazilian miner strives to lighten a $27 billion-plus net debt load, the industry’s biggest after Glencore Plc’s.
The Rio de Janeiro-based company will sell the rights to 25 percent of the Salobo mine’s gold production to Vancouver-based Silver Wheaton, expanding a 2013 streaming deal for 50 percent of output, the companies said in separate statements Tuesday. Vale will get $800 million upfront.