Vale needs copper.
"Vale, which aims to boost copper output almost fivefold by 2015, on July 11 dropped out of bidding for Johannesburg-based Metorex after China?s Jinchuan Group Co. trumped its $1.13 billion offer with a $1.36 billion bid. Last year, Vale produced about 207,000 tons of copper."
http://www.bloomberg.com/news/2011-07-19/vale-seeks-only-opportunistic-deals-to-control-costs-amid-record-profit.html
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