Muscat, Oman – Global mining giant Vale has entered into an agreement to sell a 50% stake in its Oman distribution center to Apollo Global Management for $600 million. The transaction is expected to close by the end of 2024, subject to regulatory approval.

Vale’s distribution center in Sohar Industrial Port boasts a large deep-water jetty and a blending and distribution facility capable of handling 40 million tons annually. Despite the sale, Vale will maintain operational control through a joint management structure.

The deal is anticipated to bolster Vale’s financial position, allowing for increased investment in core operations. Nasser bin Sulaiman Al Azri, CEO of Vale Oman, emphasized the deal's alignment with the nation's economic diversification goals. Vale will retain full ownership of its iron ore pelletizing company, a crucial asset in its operations.