Vale, Glencore reach marketing rights agreement

Brazil's mining company Vale and Glencore, key shareholders of Xstrata that Vale wants to buy, have overcome difficulties on marketing rights for Xstrata products. Folha de Sao Paulo cited no specific sources said that Glencore will maintain the marketing rights for the combined company’s nonferrous metals and coal for five years. As earlier report said that Glencore demanded the combined company’s marketing rights for ten years, except iron ore, while vale just agreed for five years, excluded iron ore and nickel. Vale is the largest global iron ore producer, the deal would be one of the biggest acquisitions in the world with the value of around $90 billion.