Vale sells Fosbrasil stake to Israel Chemicals for $52 mln

Thu Dec 26, 2013 8:26am EST

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Dec 26 (Reuters) - Vale SA , the world's No. 1 iron ore producer, sold a 44.25 percent stake in purified phosphoric acid producer Fosbrasil SA to Israel Chemicals Ltd for $52 million, according to a securities filing published on Thursday.

The deal is subject to regulatory approval, according to the filing dated Dec. 20.

Fosbrasil is based in the town of Cajati in Brazil's São Paulo industrial state, and produces phosphates. Phosphoric acid is used as a food additive, dispersing agent and as fertilizer feedstock.

Efforts to contact Israel Chemicals Ltd were unsuccessful.

The deal comes as Vale focuses on developing its mining assets in Brazil and sheds non-core assets like phosphates, logistics and energy.

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