Brazil's Vale signs accord with Petrobras

Brazilian mining company Vale and state-controlled Petroleo Brasileiro (Petrobras) have signed an accord to cooperate on projects in which both companies have interests, such as in fertilizer raw materials, oil, gas and biodiesel. Vale’s Human Resources and Corporate Services Director Vania Somavilla said Brazil’s two biggest companies by market value can also work together on rare earths. “Petrobras uses rare earths and Vale has reserves (of rare earths),” she said. She said the two companies will discuss other possible accords. (April 18, 2012)