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General Motors (NYSE:GM) has discussed taking a small stake in Brazilian miner Vale’s (NYSE:VALE) base metals unit for as much as $2B, The Wall Street Journal reported Wednesday.
The sale process is in the early stages and has attracted some of the world’s biggest sovereign wealth and pension funds, according to the report.
Vale (VALE) has said it would consider selling as much as a 10% stake in its base metals business, without disclosing a potential sale price.
GM’s (GM) interest in Vale (VALE) comes as automakers seek to deepen ties to mining and metals companies that process nickel and other metals crucial to building batteries needed to power electric vehicles.
In November, GM (GM) agreed with a Canadian subsidiary of Vale (VALE) on a long-term supply contract for nickel sulfate produced at Vale’s plant in Quebec.
