Vale set for Hong Kong secondary listing

Brazil's Vale, one of the world's biggest iron ore producers, yesterday received approval from the stock exchange to issue Hong Kong's first depositary receipt (HDR), according to a source. Vale's shares already trade in Sao Paulo, New York, Madrid and on Euronext. Vale's secondary listing in Hong Kong will raise no new proceeds but brings the mining giant closer to its biggest customer, China. Vale's HDRs are set to begin trading next month.