Vale (VALE) has held off on its plan to launch an initial public offering for its UK-based Vale Base Metals Subsidiary, Canada's The Globe & Mail newspaper reported Thursday, citing unnamed sources.

The Brazilian mining company's decision comes amid a backlash in its country over possible foreign control of assets, the report said.

Vale Base Metals holds copper, nickel and cobalt operations in Canada, Brazil, Japan, the UK and Indonesia, the media outlet reported.

Vale did not immediately respond to MT Newswires' request for comment.

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