Vale expects to raise up to $10 billion with the sale of future iron ore production, according to several media reports.
Unnamed sources close to Vale said the company could raise the money from the sale of up to 3 percent of its future iron ore output to undisclosed clients in China.
Vale, which is yet to take a decision to complete the deal, would receive streaming financing from the companies, selling a small fraction of its future iron ore production over a period of 30 years. If successful, the deal could help Vale diminish its debt.
Other miners such as Glencore, Barrick Gold and Teck Resources are also reported to have closed similar deals in order to raise money.