Brazilian development bank BNDES and mining titan Vale have begun a process to create an investment fund with resources of up to 1bn reais (US$193mn) to support domestic projects to produce critical minerals.
The bank and the mining firm launched a call to select an investment fund to manage the money, which is expected to be concluded in October 2024. Once that is done, the selection of the assets to receive investments will start.
Vale and BNDES, via its equity arm BNDESPar, will each subscribe quotas in the fund of between 100mn reais and 250mn reais, subject to a maximum percentage of 25% in the total committed capital of the fund. It will be open to third-party investors and the aim is to raise up to 1bn reais, which will be invested in research, development, implementation or operation of projects to produce minerals and metals required for the energy transition and…
