Vale and the National Bank for Economic and Social Development (BNDES) announced on Monday (27) a partnership for a public call to select an investment fund focused on research, development, implementation or operation of strategic mineral assets for energy transition and decarbonization and fertilizer minerals. The call for proposals aims to stimulate mineral research and exploration activities in Brazil.

"Vale is proud to be part of this initiative, which is aligned with our long-term vision of the crucial relevance of critical minerals for global economic growth in a sustainable and diversified manner. This agreement reinforces our commitment to supporting the exploration and production of strategic minerals in Brazil and fostering future partnerships," says Vale's president, Eduardo Bartolomeo.

"The fund contributes directly to the strategic objectives of President Lula's government to expand the productive capacity of Brazilian industry through the production and adoption of inputs, including critical materials and minerals, and to expand support for environmental and climate projects, as well as contributing to the just transition and decarbonization, and stimulating the capital market to operate in this sector," says the president of the BNDES, Aloizio Mercadante.

The public notice stipulates that BNDESPAR and Vale will subscribe shares worth a minimum of R$ 100 million and a maximum of R$ 250 million, observing the maximum percentage of 25% each in the Fund's total committed capital. After the management fund has been defined, which should occur by the beginning of October 2024, the investment will be submitted for approval by the competent authorities of the anchor shareholders, with investments to be made according to the needs of the investment fund.