Brazilian pension fund Previ won't sell Vale shares before year end

Brazilian pension fund Previ, one of iron ore miner Vale SA's largest shareholders, will not sell part of its stake before the year ends, its CEO said on Monday.

Speaking on the sidelines of a conference in Rio de Janeiro, CEO Jose Mauricio Coelho said the fund intended to reduce its stake in the miner over the medium term. Previ had previously announced plans for the sale without saying when.