Brazil-based mining giant Vale announced that it has signed an agreement to sell its 26.5 percent stake in its logistics division Valor da Logistica Integrada (VLI) to an investment fund managed by Brookfield Asset Management for R$ 2 billion ($840 million).

The divestment of stakes in VLI is consistent with Vale's strategy of reducing its exposure to non-core assets and significantly decreasing future capital expenditures on these assets. This strategy is a result of the discipline in capital allocation and value maximization for shareholders.