Vale creates venture capital arm to spur mining innovation
Vale, the world’s No. 2 iron-ore producer and one of the biggest nickel suppliers, has created a corporate venture capital arm to back startups focused on developing game-changing innovations for mining and metals challenges.
Vale Ventures is starting with a $100-million budget to invest in firms involved in sustainable mining initiatives. The unit seeks to provide initial funding and early-stage investments in startups worldwide, with a goal of holding 3% to 5% stakes in the firms.
“We’ll be part of a pool of investors working for the success of these startups,” Vale Ventures head Viktor Moszkowicz said in an interview.