Dec 26 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
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
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.