Brazil's Vale sells stake in fertilizer firm Mosaic for US$1.2bn

Brazilian miner Vale has sold its minority stake in US fertilizer firm Mosaic for US$1.2bn. 

"The transaction reinforces Vale’s strategic pillar of capital discipline and our continued focus on our core businesses," the company said in a statement. 

The sale was made via a secondary offering on the US stock market and was part of a past fertilizer asset divestment.

Vale sold most of its fertilizer assets to Mosaic in 2016 in a cash and shares deal, with Vale assuming a minority shareholder position in Mosaic.

Now, Vale is sharpening its focus on producing iron ore, copper and nickel.